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The following contains the steps of the financial reporting process.  Make adjusting entries  Prepare...

The following contains the steps of the financial reporting process.

 Make adjusting entries  Prepare the financial statements  Post to the subsidiary ledger  Prepare the adjusted trial balance  Journalise and post closing entries  Journalise and post adjusting entries  Record transactions in special journals  Capture the transactions  Post to the general ledger  Prepare the unadjusted trial balance

Required: List the steps in the proper order.

Business   Accounting   
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Answer #1

Steps of the financial reporting process.

  • Capture the transactions
  • Record transactions in special journals
  • Post to the general ledger
  • Post to the subsidiary ledger
  • Prepare the unadjusted trial balance
  • Journalise and post adjusting entries
  • Prepare the adjusted trial balance
  • Make adjusting entries
  • Journalise and post-closing entries
  • Prepare the financial statements

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