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 are journalized and posted to the general ledger.
_______ Financial statements are prepared from the work sheet.
_______ Closing entries are journalized and posted to the general ledger.
_______ A post-closing trial balance of the general ledger is prepared.
_______ Journal entries are posted to the general ledger.
Homework Answers
| 4 | A work sheet, including a trial balance, is prepared from the general ledger. |
| 2 | Transactions, from information on source documents, are recorded in a journal. |
| 1 | Source documents are checked for accuracy, and transactions are analyzed into debit and credit parts |
| 5 | Adjusting entries are journalized and posted to the general ledger |
| 6 | Financial statements are prepared from the work sheet. |
| 7 | Closing entries are journalized and posted to the general ledger |
| 8 | A post-closing trial balance of the general ledger is prepared. |
| 3 | Journal entries are posted to the general ledger. |
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