From the following list of steps in the accounting cycle, identify what two steps are missing: Transactions are analyzed and recorded in the journal. Transactions are posted to the ledger. An unadjusted trial balance is prepared. An optional end-of-period spreadsheet is prepared. Adjusting entries are journalized and posted to the ledger. An adjusted trial balance is prepared. Financial statements are prepared. A post-closing trial balance is prepared. Select the steps in the accounting cycle in their proper order and include the two missing steps.

Question

Sydney Grant

Business

28 June, 10:22

From the following list of steps in the accounting cycle, identify what two steps are missing: Transactions are analyzed and recorded in the journal. Transactions are posted to the ledger. An unadjusted trial balance is prepared. An optional end-of-period spreadsheet is prepared. Adjusting entries are journalized and posted to the ledger. An adjusted trial balance is prepared. Financial statements are prepared. A post-closing trial balance is prepared. Select the steps in the accounting cycle in their proper order and include the two missing steps.

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Answers (1)

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Vanessa Barker · Answer 1

See explanation section

Explanation:

Two missing steps are -

1. Adjustment data are assembled and evaluated.

2. Record the closing journal entries and post them to close the temporary accounts.

Therefore, the steps in the accounting cycle in their proper order are as follows:

1. Transactions are analyzed and recorded in the journal.

2. Transactions are posted to the ledger.

3. An unadjusted trial balance is prepared.

4. Adjustment data are assembled and evaluated.

5. An optional end-of-period spreadsheet is prepared.

6. Adjusting entries are journalized and posted to the ledger.

7. An adjusted trial balance is prepared.

8. Financial statements are prepared.

9. Record the closing journal entries and post them to close the temporary accounts.

10. A post-closing trial balance is prepared.