PE4-5A Accounting Cycle, EX.4-19 Post-closing trial balance Wages Expense Rent E

Question

PE4-5A Accounting Cycle, EX.4-19 Post-closing trial balance Wages Expense Rent Expense Supplies Expense Miscellaneous Expense 40,000 3,000 12,000 Journalize the four entries r 5 p. 164 PE 4-5A Accounting cycle From the following list of steps in the accounting cycle, identify what two steps are missing a. Transactions are analyzed and recorded in the journal. b. An unadjusted trial balance is prepared c. Adjustment data are assembled and analyzed. d. An optional end-of-period spreadsheet is prepared. e. Adjusting entries are journalized and posted to the ledger. f. An adjusted trial balance is prepared. g. Closing entries are journalized and posted to the ledger h. A post-closing trial balance is prepared. PE 4-5B From the following list of steps in the accounting cycle, identify what two steps are missi a. Transactions are analyzed and recorded in the journal. b. Transactions are posted to the ledger. p. 164 Accounting cycle

Explanation / Answer

Answer to PE4-5A Accounting Cycle :

The two missing steps are :

(i) Transactions are posted to Ledger

(ii) Financial statements are prepared

The correct steps in order in an accounting cycle are as under :

a - Transactions are analyzed and recorded in the journal.

b - Transactions are posted to the ledger

c - An unadjusted trial balance is prepared

d - Adjustment data are assembled are analyzed

e - An optional end-of-period spreadsheet is prepared

f -Adjusting entries are journalized and posted to the ledger

g - An adjusted trial balance is prepared

h - Financial statements are prepared

i - Closing Entries are journalized and posted to the ledger

j - A post-closing trial balance is prepared

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