Steps in the Accounting Cycle Rearrange the following steps in the accounting cycle in proper sequence: a. Transactions are analyzed and recorded in the journal. b. An unadjusted trial balance is prepared. c. Transactions are posted to the ledger. d. Adjustment data are assembled and analyzed. e. An adjusted trial balance is prepared. f. Adjusting entries are journalized and posted to the ledger. g. An optional end-of-period spreadsheet is prepared. h. A post-closing trial balance is prepared. i. Financial statements are prepared. j. Closing entries are journalized and posted to the ledger.

Question

24-03-2020
Business

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Steps in the Accounting Cycle Rearrange the following steps in the accounting cycle in proper sequence: a. Transactions are analyzed and recorded in the journal. b. An unadjusted trial balance is prepared. c. Transactions are posted to the ledger. d. Adjustment data are assembled and analyzed. e. An adjusted trial balance is prepared. f. Adjusting entries are journalized and posted to the ledger. g. An optional end-of-period spreadsheet is prepared. h. A post-closing trial balance is prepared. i. Financial statements are prepared. j. Closing entries are journalized and posted to the ledger.

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monica789412 monica789412 · Answer 1 · 2020-03-29T13:09:41+02:00

Accounting cycle refers to the process of accounting in which we firstly analyse a transaction and then we journalize it and then the accounting record for the transactions that will occur in the next period is prepared

Explanation:

Following are the Steps(rearranged) in the Accounting Cycle

Transactions are analyzed and recorded in the journal.
Transactions are posted to the ledger.
An unadjusted trial balance is prepared.
Adjustment data are assembled and analyzed.
An optional end of period spreadsheet is prepared.
Adjusting entries are journalized and posted to the ledger.
An adjusted trial balance is prepared.
Financial statements are prepared.
Closing entries are journalized and posted to the ledger.
A post-closing trial balance is prepared.