Chapter 2, Problem 3E

To determine

Concept Introduction

Accounting Process:

The Accounting process is a series of activities or processes that start with a financial transaction and end with the closing of books. It is also called accounting cycle because it is repeated in each year.

Identifying and classifying accounts:

Identifying and classifying accounts is a step of the accounting process under which financial transactions or events are identified for which accounting entries are required. The accounts that are affected from these transactions are also identified.

To Identify:

The correct numbers that best complete the descriptions given in the questions.