BE4.8 (LO 3), K The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming o worksheet is prepared, by placing numbers 1-9 in the blank spaces. Prepare a trial balance. Journalize the transactions. a. b. C. d. e. f. g. h. Journalize and post closing entries. Prepare financial statements. Journalize and post adjusting entries. Post to ledger accounts. Prepare a post-closing trial balance. Prepare an adjusted trial balance.
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- PA4. Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.Select the letter of the item below that best matches the definitions that follow. a. Balance Sheet Standard report. b. To date c. Summary Balance Sheet report d. QuickZoom e. Transactions by Account report f. % of Column g. Memorizing a report h. Divided by 1000 1. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to add a column representing the percentage of each item compared to total assets. 2. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to round amounts to the nearest whole dollar. 3. ________ The start of the reporting period. 4. ________ A financial statement reporting in detail the assets, liabilities, and equities of a business as of a certain date. 5. ________ A process by which modified reports are saved for later use. 6. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to report amounts in thousands. 7. ________ The end…The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.
- Select the best answer for the question 12. One of the primary purposes of preparing a trial balance is to O A. rearrange the accounts in alphabetical order OB. determine that the total dollar amount of the debits equals the total dollar ambam of the credits OC. ensure that the number of accounts with debit balances is equal to the number of accounts with credit balances OD. prepare the accounts for posting to the ledger # Mark for review (Will be highlighted on the review page) << Previous Question Type here to search Next Questio OThe statement that is NOT CORRECT about the general ledger is __________ . a. postings are based on source documents. b. the T-account format or ledger running balance format may be adopted. c. It follows the sequence of the accounts in the chart of accounts. d. the opening balances are entered before posting current transaction entries.a. Calculate the final balance of each ledger account. PLEASE SEE ATTACHED FOR WORK
- The process of transferring the debits and credits from the journal entries to the accounts is called A. sliding B. transposing C. postingteps in the Accounting Cycle Rearrange the following steps in the accounting cycle in proper sequence: a. Transactions are analyzed and recorded in the journal. b. An unadjusted trial balance is prepared. c. Transactions are posted to the ledger. d. Adjustment data are assembled and analyzed. e. An adjusted trial balance is prepared. f. Adjusting entries are journalized and posted to the ledger. g. An optional end-of-period spreadsheet is prepared. h. A post-closing trial balance is prepared. i. Financial statements are prepared. j. Closing entries are journalized and posted to the ledger.19.The Post. Ref. column in the general journal is used to show that an account has been posted to the ledger when which of the following is placed in it? a. Journal page number b. Account number c. journal number d. check mark
- A. Enter the transactions in the general ledger (t-accounts) and balance off these accounts B. Extract a Trial Balance17. It pertains to the initial recording of transactions that occurred. This includes the date, the account debited or credited, and its short description written chronologically. A. posting B. journalizing C. adjusting D. analyzingBE3.7 List the required steps in the accounting cycle sequence.LO7 The required steps in the accounting cycle are listed in random order below. List the steps in proper sequence. Journalise the transactions. Post to ledger accounts. Prepare a post-closing trial balance. Prepare an adjusted trial balance. Analyse business transactions. Journalise and post closing entries. Journalise and post adjusting entries. Prepare financial statements. Prepare a trial balance