The following is a partial list of the steps in the accounting ...

[mia]

The following is a partial list of the steps in the accounting cycle.
 
  1. Record the transactions in the journal
  2. Prepare a postclosing trial balance
  3. Record the adjusting entries and post them to the ledger
  4. Prepare an unadjusted trial balance
  5. Post the journal entries to the ledger
 
  In what order do the above activities usually take place?
  A) 4 1 3 5 2
  B) 1 5 2 4 3
  C) 1 5 4 3 2
  D) 3 5 1 4 2

Question 2

Large businesses that make sales to customers who use nonbank credit cards, such as American Express, generally treat these sales as credit sales.
 a. True
  b. False
 
   Indicate whether the statement is true or false

[yasmina]

Answer to Question 1

C

Answer to Question 2

True