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4 Which of the following steps in the accounting cycle would not generally be performed daily? O a. Post to ledger accounts O b. Analyze business transactions O c. Journalize transactions O d. Prepare adjusting entries

4 Which of the following steps in the accounting cycle would not generally be performed daily? O a. Post to ledger accounts O b. Analyze business transactions O c. Journalize transactions O d. Prepare adjusting entries

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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14 Which of the following steps in the accounting cycle would not generally be performed daily? O a. Post to ledger accounts O b. Analyze business transactions O c. Journalize transactions O d. Prepare adjusting entries 5 On May 25, Carlin Company received a $550 check from Andy Jeter for services to be performed in the future. The bookkeeper for Carlin Company incorrectly debited Cash for $550 and credited Accounts Receivable for $550. The amounts have been posted to the ledger. To correct this entry, the bookkeeper should: O a. debit Accounts Receivable $550 and credit Unearned Service Revenue $550. O b. debit Accounts Receivable $550 and credit Cash $550. O c. debit Accounts Receivable $550 and credit Service Revenue $550. O d. debit Cash $550 and credit Unearned Service Revenue $550 |
Transcribed Image Text:14 Which of the following steps in the accounting cycle would not generally be performed daily? O a. Post to ledger accounts O b. Analyze business transactions O c. Journalize transactions O d. Prepare adjusting entries 5 On May 25, Carlin Company received a $550 check from Andy Jeter for services to be performed in the future. The bookkeeper for Carlin Company incorrectly debited Cash for $550 and credited Accounts Receivable for $550. The amounts have been posted to the ledger. To correct this entry, the bookkeeper should: O a. debit Accounts Receivable $550 and credit Unearned Service Revenue $550. O b. debit Accounts Receivable $550 and credit Cash $550. O c. debit Accounts Receivable $550 and credit Service Revenue $550. O d. debit Cash $550 and credit Unearned Service Revenue $550 |
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