Answer questions related to the accounting cycle. E4.10 (LO 3), C Janis Engle has prepared the following list of statements about the accounting cycle. 1. “Journalize the transactions" is the first step in the accounting cycle. 2. Reversing entries are a required step in the accounting cycle. 3. Correcting entries do not have to be part of the accounting cycle. 4. If a worksheet is prepared, some steps of the accounting cycle are incorporated into the worksheet. 5. The accounting cycle begins with the analysis of business transactions and ends with the preparation of a post-closing trial balance. 6. All steps of the accounting cycle occur daily during the accounting period. 7. The step of “post to the ledger accounts" occurs before the step of "journalize the transactions." 8. Closing entries must be prepared before financial statements can be prepared. Instructions Identify each statement as true or false. If false, indicate how to correct the statement. Prepare closing entries.
Answer questions related to the accounting cycle. E4.10 (LO 3), C Janis Engle has prepared the following list of statements about the accounting cycle. 1. “Journalize the transactions" is the first step in the accounting cycle. 2. Reversing entries are a required step in the accounting cycle. 3. Correcting entries do not have to be part of the accounting cycle. 4. If a worksheet is prepared, some steps of the accounting cycle are incorporated into the worksheet. 5. The accounting cycle begins with the analysis of business transactions and ends with the preparation of a post-closing trial balance. 6. All steps of the accounting cycle occur daily during the accounting period. 7. The step of “post to the ledger accounts" occurs before the step of "journalize the transactions." 8. Closing entries must be prepared before financial statements can be prepared. Instructions Identify each statement as true or false. If false, indicate how to correct the statement. Prepare closing entries.
Chapter3: Setting Up A New Company
Section: Chapter Questions
Problem 3.9C
Related questions
Question
Only closing entries
Transcribed Image Text:Answer questions related to the accounting cycle.
E4.10 (LO 3), C Janis Engle has prepared the
following list of statements about the accounting
cycle.
1. "Journalize the transactions" is the first step
in the accounting cycle.
2. Reversing entries are a required step in the
accounting cycle.
3. Correcting entries do not have to be part of
the accounting cycle.
4. If a worksheet is prepared, some steps of the
accounting cycle are incorporated into the
worksheet.
5. The accounting cycle begins with the analysis
of business transactions and ends with the
preparation of a post-closing trial balance.
6. All steps of the accounting cycle occur daily
during the accounting period.
7. The step of “post to the ledger accounts"
occurs before the step of "journalize the
transactions."
8. Closing entries must be prepared before
financial statements can be prepared.
Instructions
Identify each statement as true or false. If false,
indicate how to correct the statement.
Prepare closing entries.
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