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Steps in the accounting cycle Rearrange the following steps in the accounting cycle in proper sequence: a. A post-closing trial balance is prepared. b. Adjustment data are asssembled and analyzed. c. Adjusting entries are journalized and posted to the ledger. d. An adjusted trial balance is prepared. e. An optional end-of-period spreadsheet is prepared. f. An unadjusted trial balance is prepared. g. Closing entries are journalized and posted to the ledger. h. Financial statements are prepared. i. Transactions are analyzed and recorded in the journal. j. Transactions are posted to the ledger.

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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 4, Problem 19E
Textbook Problem
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Steps in the accounting cycle

Rearrange the following steps in the accounting cycle in proper sequence:

  1. a. A post-closing trial balance is prepared.
  2. b. Adjustment data are asssembled and analyzed.
  3. c. Adjusting entries are journalized and posted to the ledger.
  4. d. An adjusted trial balance is prepared.
  5. e. An optional end-of-period spreadsheet is prepared.
  6. f. An unadjusted trial balance is prepared.
  7. g. Closing entries are journalized and posted to the ledger.
  8. h. Financial statements are prepared.
  9. i. Transactions are analyzed and recorded in the journal.
  10. j. Transactions are posted to the ledger.

To determine

Rearrange the steps in the accounting cycle in proper sequence.

Explanation of Solution

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.

The steps in the accounting cycle are as follows:

S.NoSteps in accounting cycle in sequential order
1i. Transactions are analyzed and recorded in the journal.
2j. Transactions are posted to the ledger.
3f...

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Chapter 4 Solutions

Financial And Managerial Accounting
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