From the following list of steps in the accounting cycle, identify what two steps are missing:a. Transactions are analyzed and recorded in the journal.b. An unadjusted trial balance is prepared.c. Adjustment data are assembled and analyzed.d. An optional end-of-period spreadsheet is prepared.e. Adjusting entries are journalized and posted to the ledger.f. An adjusted trial balance is prepared.g. Closing entries are journalized and posted to the ledger.h. A post-closing trial balance is prepared.

Question
Asked Dec 5, 2019
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From the following list of steps in the accounting cycle, identify what two steps are missing:
a. Transactions are analyzed and recorded in the journal.
b. An unadjusted trial balance is prepared.
c. Adjustment data are assembled and analyzed.
d. An optional end-of-period spreadsheet is prepared.
e. Adjusting entries are journalized and posted to the ledger.
f. An adjusted trial balance is prepared.
g. Closing entries are journalized and posted to the ledger.
h. A post-closing trial balance is prepared.

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Expert Answer

Step 1

Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting transactions of an organization and then processing them. The accounting cycle starts when a transaction takes places and it ends at the time when these transactions are recorded in the financial statements of the company.

Step 2

Identify the missing steps in accounting cycle as follows:

Step 2: Post the journal entries to their respective ledger accounts

Step 8: Prepare financial statements such as income st...

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