Question

during the end-of-period processing, which of the following best describes the logical order of steps? a....

during the end-of-period processing, which of the following best describes the logical order of steps?
a. Preparation of adjustment, adjusted trial balance, financial statements
b. Preparation of income statement, adjusted trial balance, balance sheet
c. Preparation of adjusted trial balance, cross-referencing, journalizing
d. Preparation of adjustments, adjusted trial balance, posting
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer

  1. Preparation of adjustments, adjusted Trial Balance , Financial Statements

After the preparation of unadjusted trial balance adjusting entries have been passed. The adjusting entries have been passed in the general proper and from there it has been posted to the T shape account .The main purpose of writing an adjusted trial balance is to ensure that the entries which have been posted in the general ledger are properly balanced because we prepare trial balance with the ending balances of the general ledger. After the preparation of adjusted trial balance three types of financial statements have been prepared i.e. Income statement, Owner’s Equity and Balance sheet.

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...
The balance of the dividends account on the adjusted trial balance of the end-of-period spreadsheet flows...
The balance of the dividends account on the adjusted trial balance of the end-of-period spreadsheet flows into which of the following financial statements? a.The balance sheet b.The income statement c.The statement of stockholders' equity' d.All of these financial statements are correct.
Which of the following is not to be extended to the statement of financial position columns...
Which of the following is not to be extended to the statement of financial position columns of the worksheet?                Select one: a. Accumulated Depreciation          b. Unearned Income c. Expired insurance premium d. Unused Supplies Which of the following is not an element in the computation of estimated depreciation expense? Select one: a. unpaid balance of the acquisition cost b. Acquisition cost                                c. Estimated useful life       d. Scrap value at the end of the useful life Using the liability method, the...
In the accounting cycle, the last step is    a.    preparing the financial statements         b.    journalizing...
In the accounting cycle, the last step is    a.    preparing the financial statements         b.    journalizing and posting the adjusting entries         c.    preparing a post-closing trial balance         d.    journalizing and posting the closing entries             The worksheet:    a.    is an integral part of the accounting cycle         b.    eliminates the need to rewrite the financial statements         c.    is a working paper that is required         d.    is used to summarize account balances and adjustments for the financial statements            ...
Which of the following is true regarding the end-of-period spreadsheet? a.Amounts are read across a row...
Which of the following is true regarding the end-of-period spreadsheet? a.Amounts are read across a row and added or subtracted to determine the amounts to insert in the Adjusted Trial Balance columns. b.The Adjustments columns need not be totaled. c.The difference in the totals of the Adjustments columns indicates the net income or loss for the period. d.Closing entries are entered in the Adjustments columns.
which of the following statements is true regarding the flow of accounting information? a. the account...
which of the following statements is true regarding the flow of accounting information? a. the account balances in the adjusted trial balance are used to prepare financial statements for the current accounting period b. transactions are first recorded in the ledger accounts and then transferred to the accounting journals c. the net income (revenue less expenses) as reported on the income statement is also reported on the balance sheet d. the dividends reported on the statement of retained earnings are...
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet...
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2016: Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 25,200 25,200 Accounts Receivable 52,000 52,000 Supplies 3,200 (a) 2,300 900 Office Equipment 34,000 34,000 Accumulated Depreciation 5,000 (b) 1,000 6,000 Accounts Payable 3,700 3,700 Salaries Payable (c)...
Appendix: Adjustment Data on an End-of-Period Spreadsheet Alert Security Services Co. offers security services to business...
Appendix: Adjustment Data on an End-of-Period Spreadsheet Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co. has been prepared on the following end-of-period spreadsheet for the year ended October 31, 20Y5. In addition, the data for year-end adjustments are as follows: Fees earned but not yet billed, $37. Supplies on hand, $9. Insurance premiums expired, $46. Depreciation expense, $18. Wages accrued but not paid, $18. Enter the adjustment data and place...
Which of the following best describes a trial balance? It is a special account It shows...
Which of the following best describes a trial balance? It is a special account It shows all the entries in the books It is a list of balances on the books It shows the financial position of a business 10.       Which of the following best describes the meaning of ‘Purchases’? Items bought Goods paid for Goods bought for resale Goods bought on credit                                     11.       Which of the following is a liability? Machinery Cash at bank Motor vehicles Accounts payable...
Which of the following statements about the income statement and balance sheet accounts is correct? Income...
Which of the following statements about the income statement and balance sheet accounts is correct? Income statement accounts are temporary accounts, while balance sheet accounts are permanent accounts. The balance sheet reports financial activities only for the current accounting period. The income statement reports the financial position of a company at a point in time. The income statement reports the cash received and paid during the period.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT