EXERCISE 4-6
| Purpose: | (L.O. 4) This exercise will review the proper sequence of the required steps in the accounting cycle. |
The required steps in the accounting cycle are listed in random order below.
| _______ a. | Prepare an adjusted trial balance. |
| _______ b. | Analyze business transactions. |
| _______ c. | Prepare a post-closing trial balance. |
| _______ d. | Prepare a trial balance. |
| _______ e. | Prepare financial statements. |
| _______ f. | Post to ledger accounts. |
| _______ g. | Journalize and post adjusting entries. |
| _______ h. | Journalize and post closing entries. |
| _______ i. | Journalize the transactions. |
Instructions
Indicate the proper sequence of the steps by numbering them “1,” “2,” and so forth in the spaces provided.
TIP: As you work through this exercise, concentrate on the logical step progression and the flow of information in the data gathering process.
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