Chapter 3, Problem 3.6E

Listed below are all the steps in the accounting cycle.

  (a)    Record and post adjusting entries.

  (b)    Post the transaction to the T-account in the general ledger.

  (c)    Record the transaction.

  (d)    Prepare financial statements (income statement, statement of stockholders’ equity, balance sheet, and statement of cash flows).

  (e)    Record and post closing entries.

  (f)    Prepare a trial balance.

  (g)    Analyze the impact of the transaction on the accounting equation.

  (h)    Assess whether the transaction results in a debit or a credit to the account balance.

  (i)    Use source documents to identify accounts affected by external transactions.

Required:

List the steps in proper order.