Question $1$

$11$

Points

You are a first$-$year financial accountant at Isabella's is a manufacturing company that specializes in cat furniture. The following lists activities that occur in the normal course of business. For each activity, identify which step, using the step's name it is in the financial reporting process.

Prompts

Answers

Question $1$

$1$

Receive an order for $$5,000$ of inventory

Select match

Question $1$

$2$

Close income summary

Select match

Question $1$

$3$

Run quarterly trial balance

Select match

Question $1$

$4$

Run finalized general ledgers balances

Select match

Question $1$

$5$

Record payment for advertising that will start in one month

Select match

Question $1$

$6$

Run statement of cash flows

Select match

Question $1$

$7$

Make an agreement to purchase a new warehouse

Select match

Question $1$

$8$

Post debit entry to accounts payable and credit entry to cash

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Question $1$

$9$

Finalize adjusting entries and run GL balances

Select match

Question $1$

$10$

Close expense accounts

Select match

Question $1$

$11$

Equipment is bought on a sales terms of $2/10$ net $30$