What are journals used for in the accounting cycle? Question 14 options: as the books of final entry as the books used to record the days to day activities of a business as the books of original entry as the source of accounting information to prepare a trial balance

What are journals used for in the accounting cycle? Question 14 options: as the books of final entry as the books used to record the days to day activities of a business as the books of original entry as the source of accounting information to prepare a trial balance

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Description: What are journals used for in the accounting cycle? Question 14 options: as the books of final entry as the books used to record the days to day activities of a business as the books of original entry as the source of accounting information to pr

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 1QY: What is the third step in the accounting cycle? Analyze source documents and record business...

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What is the third step in the accounting cycle? Analyze source documents and record business transactions in a journal. Prepare a post-closing trial balance. Journalize and post the closing entries. Prepare a trial balance.
Number in order the following steps in the accounting cycle: a. Prepare a trial balance. b. Post journal entries to the accounts in the ledger. c. Journalize and post the adjusting entries from the data on the work sheet. d. Analyze source documents and record business transactions in a journal. e. Prepare financial statements from the data on the work sheet. f. Gather adjustment data and record the adjusting entries on a work sheet. g. Journalize and post the closing entries. h. Prepare a post-closing trial balance. i. Complete the work sheet.
Posting: involves transferring the information in journal entries to the general ledger. is an optional step in the accounting cycle. is performed after a trial balance is prepared. involves transferring information to the trial balance.
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Question 6 of 20: Select the best answer for the question. 6. To determine the effects of an entire accounting transaction, you would consult the accounting record called the A. journal O B. register. C. T-account O D. ledger Mark for review (Will be highlighted on the review page) << Previous Question Next Question
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choose the right answer Transactions are first recorded in which book/account? T Accounts Book of Original Entry Book of Final Entry Accounting Equation O choose the right answer All of the following are true regarding journal entries except? Each journal entry should begin with a date The debited account titles are listed first Journal entries show the effects of transactions Journal entries provide account balances
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Put the following accounting cycle transactions-recording processes in order by selecting the corresponding sequence number of each activity Group of answer choices Journalize external business transactions Post closing entries to the general ledger (T-accounts) Prepare the adjusted trial balance Journalize closing entries…
Which two steps in the accounting cycle are aided by the preparation of a worksheet? Posting journal entries and adjusting the accounts Journalizing transactions and closing the accounts Adjusting the accounts and preparing the financial statements O Analyze source documents and preparing financial statements
Indicate the sequential order of the following steps in the accounting information processing cycle: Analyzing transactions Preparing financial statements Developing a trial balance Collecting original data Posting to the accounts Journalizing transactions 16. 17. 18. 19. 20. 21.