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Organizing the Steps in the Accounting Cycle Instructions List the following steps of
Chapter 20, Problem 20-3(choose chapter or problem)
Organizing the Steps in the Accounting Cycle
Instructions List the following steps of the accounting cycle in their proper order. Use the form provided in your working papers or a separate sheet of paper.
Analyzing business transactions Journalizing and posting closing entries
Collecting and verifying source documents Posting journal entries to ledgers
Completing the work sheet Preparing financial statements
Journalizing business transactions Preparing a post-closing trial balance
Journalizing and posting adjusting entries Preparing a trial balance
Questions & Answers
QUESTION:
Organizing the Steps in the Accounting Cycle
Instructions List the following steps of the accounting cycle in their proper order. Use the form provided in your working papers or a separate sheet of paper.
Analyzing business transactions Journalizing and posting closing entries
Collecting and verifying source documents Posting journal entries to ledgers
Completing the work sheet Preparing financial statements
Journalizing business transactions Preparing a post-closing trial balance
Journalizing and posting adjusting entries Preparing a trial balance
ANSWER:Step 1 of 2
The accounting cycle refers to the 10-step process of identifying, analyzing, and recording business transactions. The whole accounting procedure is completed by following the accounting cycle in every organization.