Exercise 4-25: The accounting Cycle The steps in the accounting cycle are listed

Question

Exercise 4-25: The accounting Cycle

The steps in the accounting cycle are listed in random order. Fill in the blank next to each step to indicate its order in the cycle. The first Step in the cycle is filled in as an example.

ORDER                                   PROCEDURE

_________                        Prepare a work sheet.

_________                        Close the accounts.

____1___                        Collect and analyze information from source documents

_________                        Prepare financial statements.

_________                        Post transactions to accounts in the ledger.

_________                        Record and post adjustments

_________                        Journalize daily transactions

Explanation / Answer

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