1. The steps of the accounting cycle are presented below. Identify the correct order of the steps. A (Click the icon to view the steps.) Order Description of Step tep 1 (b.) Start with the beginning account balances. tep 2 Step 3 Step 4 (a.) Journalize and post the closing entries. (b.) Start with the beginning account balances.
1. The steps of the accounting cycle are presented below. Identify the correct order of the steps. A (Click the icon to view the steps.) Order Description of Step tep 1 (b.) Start with the beginning account balances. tep 2 Step 3 Step 4 (a.) Journalize and post the closing entries. (b.) Start with the beginning account balances.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is the correct order?
Transcribed Image Text:21. The steps of the accounting cycle are presented below. Identify the correct order of the steps.
i (Click the icon to view the steps.)
Order
Description of Step
Step 1
(b.) Start with the beginning account balances.
Step 2
Step 3
Step 4
(a.) Journalize and post the closing entries.
(b.) Start with the beginning account balances
(c.) Prepare the financial statements.
(d.) Compute the unadjusted balance in each account, and prepare the unadjusted trial balance.
(e.) Journalize and post adjusting entries.
(f.) Enter the unadjusted trial balance on the worksheet, and complete the worksheet (optional).
Step 5
Step 6
Step 7
Step 8
(g.) Prepare the adjusted trial balance.
(h.) Analyze and journalize transactions as they occur
(1.) Post journal entries to the accounts.
() Prepare the post-closing trial balance.
Step 9
Step 10
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