From the following list of steps in the accounting cycle, identify what two steps are missing: Transactions are analyzed and recorded in the journal. An unadjusted trial balance is prepared. Adjustment data are assembled and analyzed. An optional end-of-period spreadsheet is prepared. Adjusting entries are journalized and posted to the ledger. An adjusted trial balance is prepared. Closing entries are journalized and posted to the ledger. A post-closing trial balance is prepared. Select the steps in the accounting cycle in their proper order in order and include the two missing steps.
From the following list of steps in the accounting cycle, identify what two steps are missing: Transactions are analyzed and recorded in the journal. An unadjusted trial balance is prepared. Adjustment data are assembled and analyzed. An optional end-of-period spreadsheet is prepared. Adjusting entries are journalized and posted to the ledger. An adjusted trial balance is prepared. Closing entries are journalized and posted to the ledger. A post-closing trial balance is prepared. Select the steps in the accounting cycle in their proper order in order and include the two missing steps.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
From the following list of steps in the accounting cycle, identify what two steps are missing:
- Transactions are analyzed and recorded in the journal.
- An unadjusted
trial balance is prepared. - Adjustment data are assembled and analyzed.
- An optional end-of-period spreadsheet is prepared.
Adjusting entries are journalized and posted to the ledger.- An adjusted trial balance is prepared.
- Closing entries are journalized and posted to the ledger.
- A post-closing trial balance is prepared.
Select the steps in the accounting cycle in their proper order in order and include the two missing steps.
Expert Solution
Step 1
Accounting is a process of summarising, recording, analyzing, and evaluating the accounting transection for a given period of time.
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