College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 5, Problem 1DQ
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.
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Number in their proper order the following steps in the accounting cycle.
a.
Prepare a trial balance.
b.
Post to the general ledger accounts.
c.
Journalize and post the closing entries.
d.
Complete an end-of-period work sheet.
e.
Prepare a post-closing trial balance.
f.
Journalize and post the adjusting entries.
g.
Analyze source documents.
h.
Record the adjusting entries on a work sheet.
i.
Journalize the transactions.
j.
Prepare the financial statements.
Rearrange the following steps in the accounting cycle in proper sequence:a. Transactions are analyzed and recorded in the journal.b. An unadjusted trial balance is prepared.c. Transactions are posted to the ledger.d. Adjustment data are assembled and analyzed.e. An adjusted trial balance is prepared.f. Adjusting entries are journalized and posted to the ledger.g. An optional end-of-period spreadsheet is prepared.h. A post-closing trial balance is prepared.i. Financial statements are prepared.j. Closing entries are journalized and posted to the ledger.
teps in the Accounting Cycle
Rearrange the following steps in the accounting cycle in proper sequence:
a. Transactions are analyzed and recorded in the journal.
b. An unadjusted trial balance is prepared.
c. Transactions are posted to the ledger.
d. Adjustment data are assembled and analyzed.
e. An adjusted trial balance is prepared.
f. Adjusting entries are journalized and posted to the ledger.
g. An optional end-of-period spreadsheet is prepared.
h. A post-closing trial balance is prepared.
i. Financial statements are prepared.
j. Closing entries are journalized and posted to the ledger.
Chapter 5 Solutions
College Accounting (Book Only): A Career Approach
Ch. 5 - What is the third step in the accounting cycle?...Ch. 5 - Which of the following accounts would be closed...Ch. 5 - If Income from Services had a 20,400 credit...Ch. 5 - Which of the following accounts would appear on a...Ch. 5 - Under the cash basis of accounting, which of the...Ch. 5 - Prob. 6QYCh. 5 - Number in order the following steps in the...Ch. 5 - List the steps in the closing procedure in the...Ch. 5 - What is the purpose of closing entries? What is a...Ch. 5 - What are real accounts? What are nominal accounts?...
Ch. 5 - What is the purpose of the Income Summary account?...Ch. 5 - What is the purpose of the post-closing trial...Ch. 5 - Write the third closing entry to transfer the net...Ch. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - Classify the following accounts as real...Ch. 5 - The ledger accounts after adjusting entries for...Ch. 5 - As of December 31, the end of the current year,...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - After all revenue and expenses have been closed at...Ch. 5 - Identify whether the following accounts would be...Ch. 5 - Prob. 8ECh. 5 - Indicate with an X whether each of the following...Ch. 5 - Prepare a statement of owners equity for The...Ch. 5 - Prob. 1PACh. 5 - The partial work sheet for Ho Consulting for May...Ch. 5 - The account balances of Bryan Company as of June...Ch. 5 - Williams Mechanic Services prepared the following...Ch. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 4PBCh. 5 - Toms Catering Services prepared the following work...Ch. 5 - Rather than going directly to college, some...Ch. 5 - Prob. 2ACh. 5 - The post-closing trial balance submitted to you by...Ch. 5 - You are preparing a post-closing trial balance for...Ch. 5 - The bookkeeper has completed a work sheet and has...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - Prob. 1CP
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- 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.arrow_forwardSteps that begin with analyzing source documents and conclude with the post-closing trial balance are called the (a) closing process. (b) accounting cycle. (c) adjusting entries. (d) posting process.arrow_forwardArrange the following steps in the posting process in correct order: a. The amount of the balance of the ledger account is recorded in the Debit Balance or Credit Balance column. b. The amount of the transaction is recorded in the Debit or Credit column of the ledger account. c. The ledger account number is recorded in the Post. Ref. column of the journal. d. The date of the transaction is recorded in the Date column of the ledger account. e. The page number of the journal is recorded in the Post. Ref. column of the ledger account.arrow_forward
- Order the following steps in the accounting process that focus on analyzing and recording transactions. a. Prepare and analyze the trial balance. b. Analyze each transaction from source documents. c. Record relevant transactions in a journal. d. Post journal information to ledger accounts.arrow_forwardThe purpose of the post-closing trial balance is to a. provide the account balances for the preparation of the balance sheet. b. ensure that the ledger is in balance for completion of the worksheet. c. aid the journalizing and posting of the closing entries. d. ensure that the ledger is in balance for the start of the next period.arrow_forwardList the following steps of the accounting cycle in their proper order. a. Posting the journal entries. b. Journalizing and posting adjusting entries. c. Preparing the adjusted trial balance. d. Journalizing and posting closing entries. e. Analyzing transactions and events. f. Preparing the financial statements. g. Preparing the unadjusted trial balance. h. Journalizing transactions and events. i. Preparing the post-closing trial balance.arrow_forward
- Listed below in random order are the eight steps comprising a complete accounting cycle:Prepare a trial balance.Journalize and post the closing entries.Prepare financial statements.Post transaction data to the ledger.Prepare an adjusted trial balance.Make end-of-period adjustments.Journalize transactions.Prepare an after-closing trial balance.a. List these steps in the sequence in which they would normally be performed. (A detailedunderstanding of these eight steps is not required until Chapters 4 and 5.)b. Describe ways in which the information produced through the accounting cycle is used by acompany’s management and employees.arrow_forwardFrom the following list of steps in the accounting cycle, identify what two steps are missing: Transactions are analyzed and recorded in the journal. An unadjusted trial balance is prepared. Adjustment data are assembled and analyzed. An optional end-of-period spreadsheet is prepared. Adjusting entries are journalized and posted to the ledger. An adjusted trial balance is prepared. Closing entries are journalized and posted to the ledger. A post-closing trial balance is prepared. Select the steps in the accounting cycle in their proper order in order and include the two missing steps.arrow_forwardPosting:a. involves transferring the information in journal entries to the general ledger.b. is an optional step in the accounting cycle.c. is performed after a trial balance is prepared.d. involves transferring information to the trial balance.arrow_forward
- 35. The purpose of the post-closing trial balance is to a. Provide the account balances for preparation of the balance sheet. b. Ensure that the ledger is in balance for the start of the next period. c. Aid the journalizing and posting of the closing entries. d. Ensure that the ledger is in balance for completion of the work sheet.arrow_forwardSteps in the accounting cycle Rearrange the following steps in the accounting cycle in proper sequence: a. A post-closing trial balance is prepared. b. Adjustment data are assembled and analyzed. c. Adjusting entries are journalized and posted to the ledger. d. An adjusted trial balance is prepared. e. An optional end-of-period spreadsheet is prepared. f. An unadjusted trial balance is prepared. g. Closing entries are journalized and posted to the ledger. h. Financial statements are prepared. i. Transactions are analyzed and recorded in the journal. j. Transactions are posted to the ledger.arrow_forwardThe accounting cycle starts with the: a. preparation of trial balance b. preparation of adjusting entries c. analysis of business transaction d. preparation of ledger accountsarrow_forward
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