Which of the following is the third major step in the accounting cycle?
A) prepare the financial statements
B) record the daily transactions in a journal
C) prepare and post adjusting entries
D) post the journal entries to the accounts in the ledger

Question

Quizplus · Accepted Answer

The third major step in the accounting cycle is to prepare and post adjusting entries, which are made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Which of the Following Is the Third Major Step in the Accounting