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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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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.

To determine

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.

To Rearrange: The steps in accounting cycle.

Explanation

The steps of accounting cycle are as listed below:

Step 1: Analyze and record the business transactions s in the general journal as they occur.

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

Step 3: Prepare an unadjusted trial balance by using the unadjusted balances of each account.

Step 4: Assemble and evaluate the adjustment data.

Step 5: Prepare a worksheet for the year ended (optional)...

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