21. The steps of the accounting cycle are presented below. Identify the correct

Question

21. The steps of the accounting cycle are presented below. Identify the correct order of the steps. (Click the icon to view the steps) Order 1. More Info 2. 3. Journalize and post the closing entries. Start with beginning account balances. Prepare the financial statements. Compute the unadjusted balance in each account, and prepare the unadjusted trial balance. Journalize and post adjusting entries. Enter the unadjusted trial balance on the worksheet, and complete the worksheet (optional) a. b. c. d. 5. 6. 7. 8. 9. 10 e. f. g. Prepare the adjusted trial balance. h. Analyze and journalize transactions as they occur i. Post journal entries to the accounts. Prepare the post-closing trial balance. PrintDone

Explanation / Answer

1 Start with beginning account balances 2 Analyze and journalize transactions as they occur 3 Post journal entries to the accounts 4 Compute the unadjusted balance in each account, and prepare the unadjusted trial balance 5 Enter the unadjusted trial balance on the worksheet, and complete the worksheet (optional) 6 Journalize and post adjusting entries 7 Prepare the adjusted trial balance 8 Prepare the financial statements 9 Journalize and post the closing entries. 10 Prepare the post-closing trial balance.

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