List the following steps of the accounting cycle in their proper order. Steps 1. Posting journal entries to the ledger. 2. Preparing the unadjusted trial balance. 3. Preparing the adjusted trial balance. 4. Journalizing and posting closing entries. 5. Analyzing transactions and events. 6. Journalizing transactions and events. 7. Journalizing and posting adjusting entries. 8. Preparing the financial statements. 9. Preparing the post-closing trial balance.

List the following steps of the accounting cycle in their proper order. Steps 1. Posting journal entries to the ledger. 2. Preparing the unadjusted trial balance. 3. Preparing the adjusted trial balance. 4. Journalizing and posting closing entries. 5. Analyzing transactions and events. 6. Journalizing transactions and events. 7. Journalizing and posting adjusting entries. 8. Preparing the financial statements. 9. Preparing the post-closing trial balance.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 1QY: What is the third step in the accounting cycle? Analyze source documents and record business...

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Number in order the following steps in the accounting cycle: a. Prepare a trial balance. b. Post journal entries to the accounts in the ledger. c. Journalize and post the adjusting entries from the data on the work sheet. d. Analyze source documents and record business transactions in a journal. e. Prepare financial statements from the data on the work sheet. f. Gather adjustment data and record the adjusting entries on a work sheet. g. Journalize and post the closing entries. h. Prepare a post-closing trial balance. i. Complete the work sheet.
What is the third step in the accounting cycle? Analyze source documents and record business transactions in a journal. Prepare a post-closing trial balance. Journalize and post the closing entries. Prepare a trial balance.
What critical purpose does the adjusted trial balance serve? A. It proves that transactions have been posted correctly B. It is the source document from which to prepare the financial statements C. It shows the beginning balances of every account, to be used to start the new years records D. It proves that all journal entries have been made correctly.
Steps that begin with analyzing source documents and conclude with the post-closing trial balance are called the (a) closing process. (b) accounting cycle. (c) adjusting entries. (d) posting process.
An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.
Which process of the accounting cycle often requires the most analytical thought? A. making a journal entry B. posting transactions to accounts C. summarizing the trial balance D. preparing the financial statements
If a journal entry includes a debit or credit to the Retained Earnings account, it is most likely which of the following? A. a closing entry B. an adjusting entry C. an ordinary transaction entry D. outside of the accounting cycle
Post-closing trial balance An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.
Which of these accounts is included in the post-closing trial balance? A. Supplies Expense B. Accounts Payable C. Sales Revenue D. Insurance Expense
Posting: involves transferring the information in journal entries to the general ledger. is an optional step in the accounting cycle. is performed after a trial balance is prepared. involves transferring information to the trial balance.
Arrange the following steps in the posting process in correct order: a. The amount of the balance of the ledger account is recorded in the Debit Balance or Credit Balance column. b. The amount of the transaction is recorded in the Debit or Credit column of the ledger account. c. The ledger account number is recorded in the Post. Ref. column of the journal. d. The date of the transaction is recorded in the Date column of the ledger account. e. The page number of the journal is recorded in the Post. Ref. column of the ledger account.
Which of these accounts is included in the post-closing trial balance? A. Sales Revenue B. Salaries Expense C. Retained Earnings D. Dividends