Which is the correct order of the following steps in the accounting cycle?

A. Prepare financial statements, journalize and post adjusting entries, journalize and post the closing entries, and prepare a post-closing trial balance.

B. Prepare an unadjusted trial balance, journalize and post adjusting entries, journalize and post the closing entries, and prepare financial statements.

C. Journalize and post adjusting entries, journalize and post the closing entries, prepare financial statements, and prepare an adjusted trial balance.

D. Prepare an unadjusted trial balance, journalize and post adjusting entries, prepare financial statements, and journalize and post the closing entries.

Solutions

Expert Solution

Answer is D. Prepare an unadjusted trial balance, journalize and post adjusting entries, prepare financial statements, and journalize and post the closing entries.

After identification and measurement of items to be recorded, the steps in the accounting cycle are, in order, (1) journalizing transactions, (2) posting journal entries to the ledgers, (3) preparing an unadjusted trial balance, (4) recording adjusting entries, (5) preparing an adjusted trial balance, (6) preparing financial statements.(7) closing temporary (nominal) accounts, (8) preparing a post-closing trial balance (optional),

ekkarill92 answered 1 year ago

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