The ten steps of the accounting cycle are presented below. Identify the correct order of the steps by placing the numbers 1 (first step) to 10 (last step) by each description. ________ Start with beginning account balances. ________ Prepare the post-closing trial balance. ________ Prepare the financial statements. ________ Compute the unadjusted balance in each account and prepare the unadjusted trial balance. ________ Post journal entries to the accounts. ________ Analyze and journalize transactions as they occur. ________ Prepare the adjusted trial balance. ________ Journalize and post adjusting entries. ________ Journalize and post the closing entries. ________ Enter the unadjusted trial balance on the worksheet and complete the worksheet (optional).

Respuesta :

Answer:

  1. Analyze and journalize transactions as they occur
  2. Start with beginning account balances
  3. Post journal entries to the accounts
  4. Compute the unadjusted balance in each account and prepare the unadjusted trial balance
  5. Enter the unadjusted trial balance on the worksheet and complete the worksheet
  6. Journalize and post adjusting entries
  7. Prepare the adjusted trial balance
  8. Journalize and post the closing entries
  9. Prepare the post-closing trial balance
  10. Prepare the financial statements

Explanation:

First we enter the data. Then, we compound all the transactions into a single papper (trial balance) we adjust this papper (adjusting entries) and then we prepare to close the accounting cycle (closing entries) so it can start over (post-closing balance = beginning balance at the next cycle