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 cycle are performed.
3,6,2,1,4,8,5,9, & 7
2,3,6,1,4,8,5,9, & 7
3,6,2,1,4,8,5,7, & 9
6,3,2,1,4,8,5,9, & 7
(b) identify the steps in the accounting cycle that occur daily.
1,2,3, & 6
2,3, & 4
1,2,3,4, & 6
2,3, & 6
Homework Answers
- Below are the steps in an accounting cycle:
- Analyze transactions from source documents
- Record transactions in a journal
- Post journal entries to general ledger accounts
- Prepare the unadjusted trial balance
- Journalize and post adjusting entries
- Prepare the adjusted trial balance
- Prepare the financial statements
- Journalize and post-closing entries
- Prepare the post-closing trial balance
The final answer is option -1 - 3, 6, 2, 1, 4, 8, 5, 9 & 7
- Below are the steps in the accounting cycle which occur daily
- Analyze transactions from source documents
- Record transactions in a journal
- Post journal entries to general ledger accounts
Therefore the final answer is option 4 - 2, 3 & 6
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Steps in the Accounting Cycle Listed below, out of order, are the steps in an accounting cycle.
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