Question

The proper order of the following steps in the accounting cycle is prepare unadjusted trial balance, journalize transactions, post to ledger accounts, journalize and post adjusting entries. journalize transactions, post to ledger accounts, prepare unadjusted trial balance, journalize and post adjusting entries. prepare unadjusted trial balance, journalize and post adjusting entries, journalize transactions, post to ledger accounts. journalize transactions, prepare unadjusted trial balance, post to ledger accounts, journalize and post adjusting entries.

Answer 1

Answer:

The Accounting Cycle is as follows:

1. Transactions are analyzed and recorded in the journal.

2. Transactions are posted to the ledger.

3. An unadjusted trial balance is prepared.

4. Adjustment data are asssembled and analyzed.

5. An optional end-of-period spreadsheet is prepared.

6. Adjusting entries are journalized and posted to the ledger.

7. An adjusted trial balance is prepared.

8. Financial statements are prepared.

9. Closing entries are journalized and posted to the ledger.

10. A post-closing trial balance is prepared.