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Essay question I am working on an essay. 1. Assume you manage a grocery store. From the following business actiivties, evaluate and describe how the

Essay question

I am working on an essay.

1. Assume you manage a grocery store. From the following business actiivties, evaluate and describe how the transcations might be accounted and recorded. Include examples showing journal entries and hypothetical amounts using the T-account. Name the accounts.

A. Receipt of cash from sale of groceries. b. Payment of cash for building rent. c. Payment of cash for a utility bill. d. Receipt of cash from payment on account.

2. Describe how these transactions fit into the accounting cycle, How would the accounting process flow? Note: The preparation of financial reports is not required, just a narrative description.

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