Question

Accounting Cycle From the following list of steps in the accounting cycle, identify what two steps are missing: Transactions are analyzed and recorded in the journal. Transactions are posted to the ledger. An unadjusted trial balance is prepared. An optional end-of-period spreadsheet is prepared. Adjusting entries are journalized and posted to the ledger. An adjusted trial balance is prepared. Financial statements are prepared. A post-closing trial balance is prepared. Select the steps in the accounting cycle in their proper order and include the two missing steps. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Answer 1

Answer:

1. Transactions are analyzed and recorded in the journal.

2.Transactions are posted to the ledger.

3. An unadjusted trial balance is prepared.

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

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

6. An adjusted trial balance is prepared.

7. Record adjusting Entries

8. Financial statements are prepared.

9. Closing Entries

10. A post-closing trial balance is prepared.

Explanation:

Accounting Cycle From the following list of steps in the accounting cycle, identify what two steps are missing:

1. Transactions are analyzed and recorded in the journal.

2.Transactions are posted to the ledger.

3. An unadjusted trial balance is prepared.

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

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

6. An adjusted trial balance is prepared.

7. Record adjusting Entries

8. Financial statements are prepared.

9. Closing Entries

10. A post-closing trial balance is prepared.

Answer 2

Answer:

Accounting cycle

1⇒2⇒3⇒4⇒5⇒6⇒7⇒8⇒9⇒10

Explanation:

1.Transaction are analyzed.

2. Journalized and posted to ledger

3. un-adjusted trial balance

5. Adjusting entries are journalized and posted to ledger

6.Adjusted trial balance is prepared.

7.Post closing trial balance is prepared.

8.Income Statements are prepared

9.Balance sheet is prepared.

10.Cash flow statement is prepared.

11.Notes to the financial statement is prepared.