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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
1. Unearned Fees appear on the
A. balance sheet as a current liability
B. income statement as revenue
C. balance sheet in the current assets section
D. balance sheet in the stockholders' equity section
2. In the accounting cycle, the last step is
A. preparing a post-closing trial balance
B. preparing the financial statements
C. journalizing and posting the closing entries
D. journalizing and posting the adjusting entries
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- Use the following to describe the order of the steps in the Accounting Cycle. Prompts Submitted Answers Step 1 Analyze transactions for debit and credit account Step 2 Journalize transactions Step 3 Prepare the General Trial Balance Step 4 Prepare the Balance Sheet Step 5 Prepare the Adjusted Balance Sheet Step 6 Prepare the Retained Earnings Statement Step 7 Prepare the Adjusted Income Statement Step 8 Prepare the preclosing Trial Balance Step 9 Prepare the post-closing Trial Balance Step 10 Prepare the Income Statementarrow_forwardThe account that is brought up to date after the closing entries have been journalized and posted is the ____. Select one: a. Capital Account b. Sales account c. Capital Stock account d. Purchases accountarrow_forwardWhich of the following accounts could be part of a regular journal entry, an adjusting entry, a closing entry, and a reversing entry? interest revenue account receivable depreciation expense unearned revenue prepaid insurancearrow_forward
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