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ACCT 2121 Spring 2012 Chapter 1 Pre Lecture

General Mills is a manufacturer of food products, such as Lucky Charms cereal, Pillsbury crescent rolls, and Jolly Green Giant vegetables. The following items were presented in the company's financial statements.


Select each item from the balance sheet as an Asset, Liability, or Stockholders' Equity and each item from the income statement as a Revenue or Expense.


1.            Accounts Payable                                           

2.            Contributed Capital                                        

3.            Equipment                                                         

4.            Accounts Receivable                     

5.            Notes Payable  

6.            Cash     

7.            Retained Earnings                                           

8.            Selling and Administrative Expenses

9.            Sales Revenue 

10.          Supplies


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