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Author Question: Rank the steps of the accounting cycle in the proper order of preparation. Prepare financial ... (Read 43 times)

geoffrey

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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

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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


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