Exercise 4-25 The Accounting Cycle The steps in the accounting cycle are listed

Question

Exercise 4-25 The Accounting Cycle

The steps in the accounting cycle are listed in random order. Fill in the blank next to each step to

indicate its order in the cycle. The first step in the cycle is filled in as an example.

Order                                               Procedure

________ Prepare a work sheet.

________ Close the accounts.

     1      Collect and analyze information from source documents.

________ Prepare financial statements.

________ Post transactions to accounts in the ledger.

________ Record and post adjustments.

________ Journalize daily transactions.

Explanation / Answer

4

7

1

6

3

5

2

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