ut References Mailings ReviewView Help Design Layout x, | A,.A-I .=|.lca . E-11

Question

ut References Mailings ReviewView Help Design Layout x, | A,.A-I .=|.lca . E-11 Ermphasis Heading 1 Tit 1Nonnal Strong Subtitle ont Paragraph Please show all calculations!!! PROBLEM#1 The following are the steps in the accounting cycle. List the order in which they should be completed. A Journalize and post closing entries. B. Post journal entries to ledger accounts. C. Prepare the worksheet (optional) D. Prepare post-closing trial balance. E. Journalize and post adjusting entries. F. Start with beginning account balances G. Prepare unadjusted trial balance H. Prepare financial statements. . Prepare adjusted trial balance J. Analyze and journalize transactions. 6. 2. 3. 8. 5. 10.

Explanation / Answer

Solution:

A Start with beginning account balances

B Analyze and journalize transactions

C Post journal entries to ledger accounts

D Prepare unadjusted trial balance

E Prepare the worksheet (optional)

F Journlize and post adjusting entries

G Prepare adjusted trial balance

H Prepare financial statements

I Journlize and post closing entries.

J Prepare post-closing trial balance

Explanation:

The following are the steps in accounting cycle.

Step-1) Transaction are analyzed and recorded in the journal

Step-2) Transactions are posted to the ledger

Step-3) An unadjusted trial balance is prepared

Step-4) Adjustment data are assembled and analyzed

Step-5) An optional end-of-period spreadsheet is prepared

Step-6) Adjusting entries are journalized and posted to the ledger

Step-7) Preparation of an adjusted trial balance

Step-8) Preparation of Financial statements

Step-9) Closing entries are journalized and posted to the ledger

Step-10) Preparation of a post-closing trial balance

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