PROBLEM #1 The following are the steps in the accounting cycle. List the order i

Question

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.

I.      Prepare adjusted trial balance.

              J. Analyze and journalize transactions.

Explanation / Answer

Step :

Analyze and journalize transactions Start with beginning account balances. Post journal entries to ledger accounts. Prepare unadjusted trial balance. Journalize and post adjusting entries. Prepare the worksheet (optional). Prepare adjusted trial balance. Journalize and post closing entries. Prepare post-closing trial balance. Prepare financial statements.

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