Homework Answers
Correct order
Step 1 Analyze transactions based on source documents
Step 2 Record journal entries in general Journal and update general ledger
Step 3 Prepare unadjusted trial balance
Step 4 Record adjusting Journal entries and update ledger balances
Step 5 Prepare adjusted trial balance
Step 6 Prepare financial statements
step 7 record closing entries
Step 8 prepare post closing trial balance
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What is the correct order of the accounting cycle? Prepare financial statements Record adjusting journal entries...
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...
List the accounting cycle steps in proper order. Record and post adjusting entries. Post the transaction...
List the accounting cycle steps in proper order. Record and post adjusting entries.Post the transaction to the T-account in the general ledger.Record the transaction.Prepare financial statements (income statement, statement of stockholders' equity,balance sheet, and statement of cash flows).Record and post closing entries.9Prepare a trial balance.Analyze the impact of the transaction on the accounting equation.Assess whether the transaction results in a debit or a credit to the account balance.Use source documents to identify accounts affected by external transactions.
Exercise 3-6A Organize the steps in the accounting cycle (LO3-3, 3-4, 1 List the accounting cycle...
Exercise 3-6A Organize the steps in the accounting cycle (LO3-3, 3-4, 1 List the accounting cycle steps in proper order. Record and post adjusting entries. Post the transaction to the T-account in the general ledger. Record the transaction. Prepare financial statements (income statement, statement of stockholders' equity, balance sheet, and statement of cash flows). Record and post closing entries. Prepare a trial balance. Analyze the impact of the transaction on the accounting equation. Assess whether the transaction results in a...
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...
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
Questions Prepare the necessary journal entry to record the purchase of $100 of supplies on account:...
Questions Prepare the necessary journal entry to record the purchase of $100 of supplies on account: The steps in an accounting cycle can be best described as: 1. 2. a. Journalize, Post, prepare Unadjusted trial balance, prepare financial statements, close b. Jounalize, Post, prepare Unadjusted trial balance, prepare adjusting entries, c. Analyze Transactions, Jounalize, Post, prepare Unadjusted trial balance, prepare d. Analyze transactions, Journalize, Post, prepare Unadjusted trial balance, prepare prepare adjusted trial balance, prepare financial statements, close, prepare post...
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...
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...
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...
Close the permanent accounts Close the temporary accounts Prepare the adjusted trial balance Prepare the financial...
Close the permanent accounts Close the temporary accounts Prepare the adjusted trial balance Prepare the financial statements Prepare the post-closing trial balance Record the transactions in the journal Record the adjusting journal entries in the journal Select the remaining steps, in the order in which they must be completed, to finish Master Minds Consulting's accounting cycle for the month of January. Remaining steps to complete the accounting cycle for January E @ @ (4) L
List the accounting cycle steps in proper order. Record and post adjusting entries.Post the transaction to the T-account in the general ledger.Record the transaction.Prepare financial statements (income statement, statement of stockholders' equity,balance sheet, and statement of cash flows).Record and post closing entries.9Prepare a trial balance.Analyze the impact of the transaction on the accounting equation.Assess whether the transaction results in a debit or a credit to the account balance.Use source documents to identify accounts affected by external transactions.
Exercise 3-6A Organize the steps in the accounting cycle (LO3-3, 3-4, 1 List the accounting cycle steps in proper order. Record and post adjusting entries. Post the transaction to the T-account in the general ledger. Record the transaction. Prepare financial statements (income statement, statement of stockholders' equity, balance sheet, and statement of cash flows). Record and post closing entries. Prepare a trial balance. Analyze the impact of the transaction on the accounting equation. Assess whether the transaction results in a...
Questions Prepare the necessary journal entry to record the purchase of $100 of supplies on account: The steps in an accounting cycle can be best described as: 1. 2. a. Journalize, Post, prepare Unadjusted trial balance, prepare financial statements, close b. Jounalize, Post, prepare Unadjusted trial balance, prepare adjusting entries, c. Analyze Transactions, Jounalize, Post, prepare Unadjusted trial balance, prepare d. Analyze transactions, Journalize, Post, prepare Unadjusted trial balance, prepare prepare adjusted trial balance, prepare financial statements, close, prepare post...
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...
Close the permanent accounts Close the temporary accounts Prepare the adjusted trial balance Prepare the financial statements Prepare the post-closing trial balance Record the transactions in the journal Record the adjusting journal entries in the journal Select the remaining steps, in the order in which they must be completed, to finish Master Minds Consulting's accounting cycle for the month of January. Remaining steps to complete the accounting cycle for January E @ @ (4) L
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