In which order are the following steps in the accounting cycle performed at the end of the accounting period?
1.Prepare financial statements.
2.Prepare a post-closing trial balance.
3.Prepare and post the following journal entry:
DR Insurance
CR Prepaid insurance.
4.Prepare and post the following journal entry:
DR Sales revenue
CR Profit and loss summary.
5.Prepare an unadjusted trial balance.
6.Prepare an adjusted trial balance.
A) 5, 3, 6, 4, 2, 1
B) 5, 3, 6, 4, 1, 2
C) 5, 4, 6, 3, 2, 1
D) 5, 3, 6, 2, 1, 4.
Correct Answer:
Verified
Q3: A chart of accounts is:
A) a means
Q12: Select the heading under which each of
Q14: Which of the following is NOT a
Q15: What is the source document to support
Q16: Select the heading under which each of
Q18: Which of the following is NOT an
Q19: Which of the following is an accounting
Q20: Select the heading under which each of
Q21: The journal entry for the receipt
Q22: Use the information given above to answer
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