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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 entries-> prepare the post-closing trial balance.

b. Journalize (general journal) -> post to the ledger/ T-Accounts -> prepare the adjusted trial balance-> prepare the financial statements -> prepare the post-close trial balance.

c. None of these answer choices shows in part or in whole the correct sequence of the accounting cycle

d. No answer text provided

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Answer #1

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:

So answer is 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 entries-> prepare the post-closing trial balance.

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