1. Assume you manage a grocery store. From the following business activities, evaluate and describe how the transactions might be accounted and recorded. Include examples showing journal entries and hypothetical amounts using the T-account. Name the accounts.
2. Receipt of cash from sale of groceries.
Payment of cash for building rent.
Payment of cash for a utility bill.
Receipt of cash from payment on account.
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.
Your essay must include an introduction, body, and conclusion, and address all relevant parts of each question. Your response should be 300 to 700 words in length. Make sure to cite any references you use. Proper citation format for a reference includes the name of the author(s), the title of the work, the date of the publication, and the page number. Please use MS Word to complete the assignment as you will need to draw a T-account.