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Use the following account numbers and corresponding account titles to answer the following question. Account Number Account Title (1) Cash (2) Merchandise inventory (3) Cost of goods sold (4) Transportation-out (5) Dividends (6) Common stock (7) Selling expense (8) Loss on the sale of land (9) Sales revenue Which accounts would be reported on the balance sheet?

The Cost of Goods Sold account is classified as:

Complete the problem on the handout. Be sure to turn this in before exiting.

How does the purchase of inventory on account under the perpetual inventory method affect the financial statements?

What financial statement are dividends reported on?

How will accounts payable appear on the following financial statements?

Financial accounting standards are known collectively as GAAP. What does that stand for?

Which of these conditions is a collapse of lung tissue and is harder to penetrate?

Which of these conditions is a severe inflammation of the colon and rectum with loss of mucosal lining?

Which of these conditions causes a narrowing of the sphincter at the distal end of the stomach?