Question

Listed below are all the steps in the accounting cycle.
(a) Record and post closing entries.
(b) Use source documents to identify accounts affected by external transactions.
(c) Record the transaction.
(d) Prepare financial statements (income statement, statement of stockholders’ equity, balance sheet, and statement of cash flows).
(e) Record and post adjusting entries.
(f) Assess whether the transaction results in a debit or a credit to the account balance.
(g) Analyze the impact of the transaction on the accounting equation.
(h) Prepare a trial balance.
(i) Post the transaction to the T-account in the general ledger.

Required:
List the steps in proper order.



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  • CreatedJuly 15, 2014
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