The required steps in the accounting cycle are listed in random order below. List the steps in proper sequence. (a) Prepare a post-closing trial balance. (b) Prepare an adjusted trial balance. (c) Analyze business transactions. (d) Prepare a trial balance. (e) Journalize the transactions. (f) Journalize and post closing entries. (g) Prepare financial statements. (h) Journalize and post adjusting entries. (i) Post to ledger accounts.

The required steps in the accounting cycle are listed in random order below. List the steps in proper sequence. (a) Prepare a post-closing trial balance. (b) Prepare an adjusted trial balance. (c) Analyze business transactions. (d) Prepare a trial balance. (e) Journalize the transactions. (f) Journalize and post closing entries. (g) Prepare financial statements. (h) Journalize and post adjusting entries. (i) Post to ledger accounts.

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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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.
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.
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
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
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.
Which of these accounts is included in the post-closing trial balance? A. Sales Revenue B. Salaries Expense C. Retained Earnings D. Dividends
Which of the following accounting records is the main source of information used to prepare the financial statements? A. journal entries B. T-accounts C. trial balance D. chart of accounts
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.
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.
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.
Assume that the first two closing entries have been made and posted. Use the T-accounts provided as follows to: A. complete the closing entries B. determine the ending balance in the Retained Earnings account