« previous next »

Author Question: Rank the steps of the accounting cycle in the proper order of preparation. Prepare financial ... (Read 78 times)

geoffrey

  • Hero Member
  • *****
  • Posts: 880
on: Jul 6, 2018
Rank the steps of the accounting cycle in the proper order of preparation. Prepare financial statements from the data on the work sheet. Post journal entries to the accounts in the ledger. Journalize and post the adjusting entries from the data on the work sheet. Analyze source documents and record business transactions in a journal. Complete the work sheet. Prepare a post-closing trial balance. Journalize and post the closing entries. Gather adjustment data and record the adjusting entries on a work sheet. Prepare a trial balance.

Question 2

The balancing equation is expressed as:
 
  a. Assets + Liabilities = Stockholders' Equity.
  b. Revenues  Expenses = Net Income.
  c. Sales  Costs = Net Profit.
  d. Assets = Liabilities + Stockholders' Equity.


Kingjoffery

  • Sr. Member
  • ****
  • Posts: 332
Reply #1 on: Jul 6, 2018
Answer to Question 1

7 Prepare financial statements from the data on the work sheet.
2 Post journal entries to the accounts in the ledger.
6 Journalize and post the adjusting entries from the data on the work sheet.
1 Analyze source documents and record business transactions in a journal.
5 Complete the work sheet.
9 Prepare a post-closing trial balance.
8 Journalize and post the closing entries.
4 Gather adjustment data and record the adjusting entries on a work sheet.
3 Prepare a trial balance.

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Thyroid conditions may make getting pregnant impossible.

Did you know?

More than 150,000 Americans killed by cardiovascular disease are younger than the age of 65 years.

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

An overview of photosynthesis: cooperation of the light reactions and the Calvin cycle. An overview of photosynthesis: cooperation of the light reactions and the Calvin cycle.
Calvin Cycle Calvin Cycle
The cell cycle. The cell cycle.
The firing order is cast or stamped on the intake manifold on most engines that have a distributor ... The firing order is cast or stamped on the intake manifold on most engines that have a distributor ...
The Rock Cycle The Rock Cycle
The Hydrologic Cycle The Hydrologic Cycle
Video: The Lagging Strand in DNA Replication and Replication in Action

For a complete list of videos, visit our video library