The following are all the steps in the accounting cycle. List them in the order in which they should be done. - 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 the journal. - Adjustment data are assembled and analyzed. - Financial statements are prepared. - An adjusted trial balance is prepared. - Transactions are posted to the ledger. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 2. The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the Balance Sheet columns. (1) Salaries Payable (7) Felipe Ramos, Drawing (2) Fees Earned (8) Equipment (3) Accounts Payable (9) Accounts Receivable (4) Felipe Ramos, Capital (10) Accumulated Depreciation (5) Supplies Expense (11) Salary Expense (6) Unearned Rent (12) Depreciation Expense
Problems
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The following are all the steps in the accounting cycle. List them in the order in which they should be done.
- Closing entries are journalized and posted to the ledger. - An unadjusted - An optional end-of-period spreadsheet (work sheet) is prepared. - A post-closing trial balance is prepared. - - Transactions are analyzed and recorded in the journal. - Adjustment data are assembled and analyzed. - Financial statements are prepared. - An adjusted trial balance is prepared. - Transactions are posted to the ledger.
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The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the
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