1. Which of the following is not a transaction cycle that you will use in these materials? a. Sales and cash receipts b. Purchases and cash disbursements c. Human resources d. Payroll e. Inventory 2. For good internal control how often should bank reconciliations be prepared? a. Daily b. Weekly c. Monthly d. Quarterly e. Annually 3. Which general ledger account is debited for the sale of inventory on credit? a. Inventory asset b. Checking c. Accounts Receivable d. Job Materials e. Sales 4. Which subsidiary account/accounts is/are affected by sale of inventory on credit and how is each affected? a. Inventory increase. Accounts receivable decrease b. Inventory increase only c. Accounts receivable increase only d. Inventory decrease, Accounts receivable increase e. None of the above