Question

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   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

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

​​​​​​​

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
List the following steps of the accounting cycle in their proper order. Steps Order 1. Summarize...
List the following steps of the accounting cycle in their proper order. Steps Order 1. Summarize unadjusted ledger accounts and amounts in an unadjusted trial balance. 2. Use the adjusted trial balance to prepare financial statements. 3. Summarize adjusted ledger accounts and amounts in an adjusted trial balance. 4. Record adjustments to bring account balances up to date. 5. Create the post-closing trial balance. 6. Posting the debits and credits from the journal in the ledger. 7. Journalizing business events...
Accountants follow a consistent cycle each reporting period that begins by deciding if a transaction should...
Accountants follow a consistent cycle each reporting period that begins by deciding if a transaction should be recorded and ending with the post-closing trial balance. Consider this cycle, which of the following answer choices is in the correct order of the tasks performed by the accountant: a. Journalize (general journal) -> post to the ledger/ T-Accounts -> prepare the initial trial balance -> post adjusting journal entries-> prepare the adjusted trial balance-> prepare the financial statements -> record the post-close...
-Can financial statements be prepared without adjusting entries? -What impact will the omission of adjusting entries...
-Can financial statements be prepared without adjusting entries? -What impact will the omission of adjusting entries have on the financial statements? -Do companies use the unadjusted trial balance or the adjusted trial balance to prepare financial statements?
REQUIREMENTS: 1. Prepare Journal Entries in the General Journal and post to the General Ledger. 2....
REQUIREMENTS: 1. Prepare Journal Entries in the General Journal and post to the General Ledger. 2. Prepare adjusting entries in the General Journal and post to the General Ledger. 3. Prepare an Income Statement, Equity Statement, and Balance Sheet 4. Prepare closing entries in the General Journal for the month of October. Note: If you are using the Journal Forms provided in Excel, you will only need to enter your transactions in the journal. The General Ledger and the Financial...
Trial Balance: Prepare a trial balance from the information in the general ledger. Adjusting journal Entries:...
Trial Balance: Prepare a trial balance from the information in the general ledger. Adjusting journal Entries: Post the following adjusting entries to the general journal Adj-1 May 31 Record the portion of the Prepaid Rent used in May. Adj-2 May 31 The company has $300 of supplies left at month end Adj-3 May 31 Record one month of depreciation on the equipment. The equipment has a useful life of 10 years Adj-4 May 31 Provide 10 hours of services that...
Ace Lawn Care Module 2 Mini Practice Problem Jim has asked you to prepare financial statements...
Ace Lawn Care Module 2 Mini Practice Problem Jim has asked you to prepare financial statements for his first month of operation. The following information relates to the month of May, 2014. (Round all calculations to the nearest whole dollar) On May 2, Jim signed a 1 year, 6% note for $3,500 associated with the purchase of a used truck for the business. The interest will be due with the principle of the note. On May 2, Jim purchased a...
A completed worksheet for The King Group is given below. The King Group Worksheet Month Ended...
A completed worksheet for The King Group is given below. The King Group Worksheet Month Ended December 31, 2019 Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 93,400 93,400 93,400 Accounts Receivable 13,000 13,000 13,000 Supplies 8,000 ( a) 3,400 4,600 4,600 Prepaid Advertising 32,000 ( b) 4,000 28,000 28,000 Equipment 85,000 85,000 85,000 Accumulated Depreciation —Equipment ( c) 3,400 3,400 3,400 Accounts Payable 13,000...
When using a work sheet, adjusting entries are journalized after the work sheet is completed and...
When using a work sheet, adjusting entries are journalized after the work sheet is completed and before financial statements are prepared. before the adjustments are entered on to the work sheet. before the adjusted trial balance is extended to the proper financial statement columns. after the work sheet is completed and after financial statements have been prepared.
Identify each statement as true or false John aquino has prepared the following list of statements...
Identify each statement as true or false John aquino has prepared the following list of statements about the accounting cycle 1)Journalize the transactions is the first step in the accounting cycle 2)if a worksheet is prepared,some steps of the accounting cycle are important into the worksheet 3)The accounting cycle begins with the analysis of business transactions and ends with the preparation of a post closing trial balance 4)All steps of the accounting cycle occur daily during the accounting period 5)The...
Which of the following is performed last at the end of the year? 1. Prepare adjusting...
Which of the following is performed last at the end of the year? 1. Prepare adjusting entries. 2. Prepare closing journal entries. 3. Prepare a post-closing trial balance. 4.Prepare an adjusted trial balance. One Company sold goods for $5,000 to Foster Company on March 12 on credit. Terms of the sale were 2/10, n/30. At the time of the sale, Tropical recorded the transaction by debiting accounts receivable for $5,000 and crediting sales revenue for $5,000. Foster paid the balance...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT