QUESTION 1 (15 POINTS) Organize the following activities to indicate the usual o

Question

QUESTION 1 (15 POINTS) Organize the following activities to indicate the usual order of the accounting cycle: a. Prepare and post the adjusting entries b. Prepare the financial statements c. Prepare the adjusted trial balance d· Close the accounts e. Record the transaction in the journal- f. Analyze the transaction g. Prepare the post-closing trial balance h. Post the entries to the ledger i. Prepare the initial trial balance - QUESTION 2 (15 POINTS) The following items could appear on a bank reconciliation as: 1. Increase to the book balance 2. Decrease from the book balance 3. Increase to the bank balance 4. Decrease from the bank balance C21

Explanation / Answer

All the activities are lined up in the order below: Activity No 1 Analyze the Transaction F 2 Record the transaction in Journal E 3 Post the entries to the Ledger H 4 Prepare the initial trial balance I 5 Prepare and post the adjusting entries A 6 Prepare the adjusted trial balance C 7 Prepare the Financial Statement B 8 Close the Accounts D 9 Prepare the post closing trial balance G 1 Increase to the Cash Book Balance Analyse all the transactions on reciept side and find out transactions which are recorded on reciept side but are not actually reciepts, So these can result 2 Decrease to the Cash Book Balance Analyse all the transactions on Payment side and find out transactions which are recorded on payment side but were not actually payments, So these can result 3 Increase to the Bank Balance Analyse all the transactions on deposit side and find out transactions which are recorded on cash book only , So these can result 4 Decrease to the Bank Balance Analyse all the transactions on withdrawal side and find out transactions which are recorded on cash book only , So these can result

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