Which of the following sequences concerning the accounting cycle is correct?
A)Journalize, post, adjusting entries, financial statements
B)Transaction analysis, trial balance, post, adjusted trial balance
C)Post, adjusting entries, closing entries, financial statements
D)Adjusting entries, closing entries, adjusted trial balance, financial statements

Question

Quizplus · Accepted Answer

The correct sequence for the accounting cycle starts with journalizing transactions, then posting those transactions to the ledger, followed by making adjusting entries, and finally preparing the financial statements. This sequence ensures that all transactions are recorded, adjustments are made for accruals and deferrals, and the financial statements accurately reflect the company's financial position.

Which of the Following Sequences Concerning the Accounting Cycle Is