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In the Excel, or spreadsheet, approach to recording financial transactions, which of the following is...

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Accounting

In the Excel, or spreadsheet, approach to recording financial transactions, which of the following is true?
Raw material purchases on account are recorded as increases in the Raw Materials inventory column and decreases in the Accounts Payable column.
The cost of goods sold is recorded as a decrease in the Finished Goods column and as a decrease in the Retained Earnings column.
Work in process that has been completed is recorded as a decrease in the Work in Process column and as an increase in the Cost of Goods Sold column.
Multiple Choice
Only statement 1 is true.
Only statement 2 is true.
Only statement 3 is true.
None of the statements are true.
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