Part 3: The Accounting Cycle for a Merchandising Business EXERCISE 12-3 Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (O1), or Other Expenses (OE) a. Advertising Expense b. Rent Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Building h. Interest Expense i. Insurance Expense j. Delivery Expense EXERCISE 12-4 The Income Statement columns of the August 31 (year-end) work