Accounting Cycle From the following list of steps in the accounting cycle, ident

Question

Accounting Cycle From the following list of steps in the accounting cycle, identify what two steps are missing: Transactions are analyzed and recorded in the journal. Transactions are posted to the ledger. An unadjusted trial balance is prepared. An optional end-of-period spreadsheet is prepared. Adjusting entries are journalized and posted to the ledger. An adjusted trial balance is prepared. Financial statements are prepared. A post-closing trial balance is prepared. Select the steps in the accounting cycle in their proper order and include the two missing steps. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Explanation / Answer

1 Transactions are analyzed and recorded in the journal. 2 Transactions are posted to the ledger. 3 An unadjusted trial balance is prepared. 4 Adjustment data are assembled and analyzed. 5 An optional end-of-period spreadsheet (work sheet) is prepared. 6 Adjusting entries are journalized and posted to the ledger. 7 An adjusted trial balance is prepared. 8 Financial statements are prepared. 9 Closing entries are journalized and posted to the ledger. 10 A post-closing trial balance is prepared.

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