BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

Solutions

Chapter
Section
BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Number in order the following steps in the accounting cycle:

  1. a. Prepare a trial balance.
  2. b. Post journal entries to the accounts in the ledger.
  3. c. Journalize and post the adjusting entries from the data on the work sheet.
  4. d. Analyze source documents and record business transactions in a journal.
  5. e. Prepare financial statements from the data on the work sheet.
  6. f. Gather adjustment data and record the adjusting entries on a work sheet.
  7. g. Journalize and post the closing entries.
  8. h. Prepare a post-closing trial balance.
  9. i. Complete the work sheet.

To determine

Indicate the correct order of the steps in accounting cycle.

Explanation

Accounting cycle: The whole process of identifying, sorting, analyzing, and recording the transactions, journalizing the transactions, posting the entries, preparation of trial balance, updating the adjustments in worksheet, preparing financial statements, and closing the books, is referred to as accounting cycle.

Steps in accounting cycle:

  1. 1. Identify and sort the source documents, and record the business transactions.
  2. 2. Post the journal entries to the ledger accounts.
  3. 3. Prepare trial balance.
  4. 4. Identify and record the adjustments on the work sheet.
  5. 5. Complete work sheet.
  6. 6. Record the adjusting entries and post the entries.
  7. 7. Prepare financial statements from the balances of the accounts in the ledgers on work sheet.
  8. 8. Journalize the closing entries and post the entries.
  9. 9. Prepare a post-closing trial balance.

Correct order of the steps in accounting cycle:

Correct OrderSteps
d.
  1. 1...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

Use a production possibilities frontier to describe the idea of efficiency.

Brief Principles of Macroeconomics (MindTap Course List)

What are some pros and cons of holding high levels of current assets in relation to sales? Use the DuPont equat...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)