Question

In: Accounting

Correctly Order the steps in the Accounting Cycle

Correctly Order the steps in the Accounting Cycle 

Correctly Order the steps in the Accounting Cycle Determine which accounts are needed for the entry Post entries to the Gener


Solutions

Expert Solution

ANS:

as above chart we can easily understand the steps in accounting cycle

1) Identify the transaction

2) Determine which accounts are needed for the entry

3) Record entries in the general journal

4) Post entries to the general ledger

5) Journal adjusting entries

6) Post adjusting entries to the general ledger

7) Post costing entries

8) Prepare and adjusted trial balance

9) Prepare closing entries

10) Prepare post closing trial balance

11) Run a trial balance

12) Prepared the statement of owner equity

13) Prepare the income statement

14) Prepare the balance sheet

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Which is the correct order of the following steps in the accounting cycle?
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...
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...
List the Accounting Cycle steps in the order of which they must be completed. All of...
List the Accounting Cycle steps in the order of which they must be completed. All of the documents and reports are completed internally by the accountants, and only one of the steps produces reports that are for external users. Which documents or reports are prepared for external users, and who are the external users?
Ask to select proper order of steps in the accounting cycle Select the purpose of the...
Ask to select proper order of steps in the accounting cycle Select the purpose of the ledger (definition of a ledger) Definition of the that we prepare in the accounting cycle What’s the primary purpose of the trial balance? When expenses are recognized When is revenue recognized? Select the definition of accrual accounting Ask to recognize the item that is not an adjusting entry Determine what happens if you don’t make a particular adjusting entry 10. Have to make an...
Steps in the Accounting Cycle Rearrange the following steps in the accounting cycle in proper sequence:...
Steps in the Accounting Cycle Rearrange the following steps in the accounting cycle in proper sequence: a. Transactions are analyzed and recorded in the journal. 1 b. An unadjusted trial balance is prepared. 2 c. Transactions are posted to the ledger. 3 d. Adjustment data are assembled and analyzed. 4 e. An adjusted trial balance is prepared. 5 f. Adjusting entries are journalized and posted to the ledger. 6 g. An optional end-of-period spreadsheet is prepared. 7 h. A post-closing...
Rearrange the following steps in the accounting cycle in proper order: Financial statements are prepared. An...
Rearrange the following steps in the accounting cycle in proper order: Financial statements are prepared. An adjusted trial balance is prepared. Adjustment data are assembled and analyzed. Adjusting entries are journalized. Closing entries are journalized and posted to the ledger. An unadjusted trial balance is prepared. Transactions are posted to the ledger. Transactions are analyzed and recorded in the general journal. An optional end-of-period work sheet is prepared. A post-closing trial balance is prepared.
What is accounting cycle? Outline the basic steps included in accounting cycle.
What is accounting cycle? Outline the basic steps included in accounting cycle.
"The steps in the accounting cycle for a merchandising company are the same as the steps...
"The steps in the accounting cycle for a merchandising company are the same as the steps in the accounting cycle for a service company." Do you agree or disagree? What are the special journals that merchandising companies use? Explain how merchandising companies use these journals.
"The steps in the accounting cycle for a merchandising company are the same as the steps...
"The steps in the accounting cycle for a merchandising company are the same as the steps in the accounting cycle for a service company." Do you agree or disagree? What are the special journals that merchandising companies use? Explain some advantages of using Special Journals..
What is accounting cycle? What is its relationship with operating cycle? In the steps to compile...
What is accounting cycle? What is its relationship with operating cycle? In the steps to compile financial statements, explain a few accounts that are more likely to be used to link these financial statements.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT