Of the following steps of the accounting cycle, which step should be completed last?
a. Closing entries are journalized and posted to the ledger.
b. Financial statements are prepared.
c. Transactions are posted to the ledger.
d. Adjusting entries are journalized and posted to the ledger.
Homework Answers
Answer : Option b [ Financial statements are prepared ]
Explanation : Accounting cycle starts with recording of journal entry and ends with the preparation of financial statement.
Add Answer to:
Of the following steps of the accounting cycle, which step should be completed last?
The following are all the steps in the accounting cycle. Number each step in the order...
The following are all the steps in the accounting cycle. Number each step in the order in which they should be done. Please write your answer in the space provided. - Closing entries are journalized and posted to the ledger. - An unadjusted trial balance is prepared. - An optional end-of-period spreadsheet (work sheet) is prepared. - A post-closing trial balance is prepared. - Adjusting entries are journalized and posted to the ledger. - Transactions are analyzed and recorded in the journal. - Adjustment data...
Accounting CycleFrom the following list of steps in the accounting cycle,identify what two steps...
Accounting CycleFrom the following list of steps in the accounting cycle, identify what two steps are missing:Transactions are analyzed and recorded in the journal.An unadjusted trial balance is prepared.Adjustment data are assembled and analyzed.An optional end-of-period spreadsheet is prepared.Adjusting entries are journalized and posted to the ledger.An adjusted trial balance is prepared.Closing entries are journalized and posted to the ledger.A post-closing trial balance is prepared.Select the steps in the accounting cycle in their proper order in order and include the...
PE 4-5A Accounting cycle 08.4 From the following list of steps in the accounting cycle, identify...
PE 4-5A Accounting cycle 08.4 From the following list of steps in the accounting cycle, identify what two steps are missing: a. Transactions are analyzed and recorded in the journal. b. An unadjusted trial balance is prepared. c. Adjustment data are assembled and analyzed. d. An optional end-of-period spreadsheet is prepared. e. Adjusting entries are journalized and posted to the ledger. f. An adjusted trial balance is prepared. 8. Closing entries are journalized and posted to the ledger. h. A...
From the following list of steps in the accounting cycle, identify what two steps are missing:
From the following list of steps in the accounting cycle, identify what two steps are missing:a. Transactions are analyzed and recorded in the journal.b. An unadjusted trial balance is prepared.C. Adjustment data are assembled and analyzed.d. An optional end-of-period spreadsheet is prepared.e. Adjusting entries are journalized and posted to the ledger.f. An adjusted trial balance is prepared.g. Closing entries are journalized and posted to the ledger.h. A post-closing trial balance is prepared.Select the steps in the accounting cycle in their...
Arrange the series of accounting activities listed here for the accounting cycle for a service business....
Arrange the series of accounting activities listed here for the accounting cycle for a service business. Indicate the sequence of the steps by entering a number from 1 to 8 to the left of each activity. (p. 228) Accounting Activity _______ A work sheet, including a trial balance, is prepared from the general ledger. _______ Transactions, from information on source documents, are recorded in a journal. _______ Source documents are checked for accuracy, and transactions are analyzed into debit and credit parts. _______ Adjusting entries...
a. c. a. 1. The adjustments entered in the adjustments columns of a worksheet are not...
a. c. a. 1. The adjustments entered in the adjustments columns of a worksheet are not journalized. b. posted to the ledger but not journalized. not journalized until after the financial statements are prepared. d. journalized before the worksheet is completed. 2. The information for preparing a trial balance on a worksheet is obtained from financial statements. b. general ledger accounts. general journal entries. d. business documents. 3. After the adjusting entries are journalized and posted to the accounts in...
Test Question 3 ES 2 Points In the sequence of accounting cyce steps, which step follows...
Test Question 3 ES 2 Points In the sequence of accounting cyce steps, which step follows the preparation of the adjusted trial balance? A Adjusting entries are journalized and posted. HVN B) The optional end-of-period spreadsheet is prepared. C) Financial statements are prepared. 22 GOK Bird D Closing entries are journalized and posted to the ledger a LOCK Bro Question 4 2 Points A business with highly seasonal operations may adopt a fiscal year that: 2 Ad | Acrob A...
Which of the following steps is optional during the closing process?
Which of the following steps is optional during the closing process? a. Adjusting entries are journalized and posted to the ledger. b. An end-of-period spreadsheet is prepared. c. An unadjusted trial balance is prepared. d. A post-closing trial balance is prepared.
Steps in the Accounting Cycle Listed below, out of order, are the steps in an accounting cycle.
Steps in the Accounting Cycle Listed below, out of order, are the steps in an accounting cycle.1. Prepare the unadjusted trial balance.2. Post journal entries to general ledger accounts.3. Analyze transactions from source documents.4. Journalize and post adjusting entries.5. Prepare the financial statements.6. Record transactions in a journal.7. Prepare the post-closing trial balance.8. Prepare the adjusted trial balance.9. Journalize and post closing entries.(a) Place the numbers from the above list in the order in which the steps in the accounting...
Which of the following steps of the accounting cycle are in the correct order? a.prepare a...
Which of the following steps of the accounting cycle are in the correct order? a.prepare a trial balance, make adjustments, prepare financial statements b.prepare a trial balance, post to general ledger accounts, journalize adjusting and closing entries c.prepare financial statements, make adjustments, prepare a trial balance d.make adjustments, complete a work sheet, post to general ledger accounts
PE 4-5A Accounting cycle 08.4 From the following list of steps in the accounting cycle, identify what two steps are missing: a. Transactions are analyzed and recorded in the journal. b. An unadjusted trial balance is prepared. c. Adjustment data are assembled and analyzed. d. An optional end-of-period spreadsheet is prepared. e. Adjusting entries are journalized and posted to the ledger. f. An adjusted trial balance is prepared. 8. Closing entries are journalized and posted to the ledger. h. A...
Arrange the series of accounting activities listed here for the accounting cycle for a service business. Indicate the sequence of the steps by entering a number from 1 to 8 to the left of each activity. (p. 228) Accounting Activity _______ A work sheet, including a trial balance, is prepared from the general ledger. _______ Transactions, from information on source documents, are recorded in a journal. _______ Source documents are checked for accuracy, and transactions are analyzed into debit and credit parts. _______ Adjusting entries...
a. c. a. 1. The adjustments entered in the adjustments columns of a worksheet are not journalized. b. posted to the ledger but not journalized. not journalized until after the financial statements are prepared. d. journalized before the worksheet is completed. 2. The information for preparing a trial balance on a worksheet is obtained from financial statements. b. general ledger accounts. general journal entries. d. business documents. 3. After the adjusting entries are journalized and posted to the accounts in...
Test Question 3 ES 2 Points In the sequence of accounting cyce steps, which step follows the preparation of the adjusted trial balance? A Adjusting entries are journalized and posted. HVN B) The optional end-of-period spreadsheet is prepared. C) Financial statements are prepared. 22 GOK Bird D Closing entries are journalized and posted to the ledger a LOCK Bro Question 4 2 Points A business with highly seasonal operations may adopt a fiscal year that: 2 Ad | Acrob A...
Which of the following steps is optional during the closing process? a. Adjusting entries are journalized and posted to the ledger. b. An end-of-period spreadsheet is prepared. c. An unadjusted trial balance is prepared. d. A post-closing trial balance is prepared.
Most questions answered within 3 hours.
-
Do not neglect the old for the new. The existing business must
not lose priority simply...
asked 10 minutes ago -
Kylie is a single mom with two dependent children,
Tanner, age 7 and Olivia, age 11....
asked 1 hour ago -
Phosphorous + bromine = phosphorous tribromide. If 35.0 g of
bromine are reacted and 27.9 grams...
asked 2 hours ago -
Derive the long wavelength limit of the Planck energy density
distribution
asked 2 hours ago -
Calculate the pH of each of the following solutions.
0.50 M HBr
3.1×10−4 M KOH
4.2×10−5...
asked 6 hours ago -
For the year ended December 31, Depot Max’s cost of merchandise
sold was $85,600. Inventory at the...
asked 6 hours ago -
Week 10 - Professional Memo Assignment
Professional Memo Assignment
Your mission for this week, should you...
asked 6 hours ago -
Write a Python program that stores the data for each
player on the team, and it...
asked 6 hours ago -
In
the last 3 months, mike never knows when he is going to get his
allowance...
asked 7 hours ago -
Is Ca(OH)2 a Bronsted base, Lewis base, or both? Why?
asked 6 hours ago -
1A- Why don’t voters complain about U.S. tariffs on imported
sugar?
Because sugar is only a...
asked 7 hours ago -
Cash Payback Period
Primera Banco is evaluating two capital investment proposals for
a drive-up ATM kiosk,...
asked 6 hours ago