Steps 1&2
Step 1 of the accounting cycle?
What is Identifying Transactions.
Step 3 of the accounting cycle?
What is posting to General Ledger.
Step 5 of the accounting cycle?
What is making adjusting journal entries.
Step 7 of the accounting cycle?
What is preparing financial statements.
Is this the correct order of the accounting cycle? Identify Transactions, Journal transactions, Post to general ledger, create unadjusted trial balance, make adjusting journal entries, create adjusted trial balance, prepare financial statements, closing entries.
Yes it is.
Step 2 of the accounting cycle?
What is journalizing transactions.
Step 4 of the accounting cycle?
What is creating an unadjusted trial balance.
Step 6 of the accounting cycle is?
What is creating adjusted trial balance?
Step 8 of the accounting cycle?
What is making closing entries.
False
You find a receipt on the floor for some office supplies for your company and so you write it down in your general journal, what step is this?
What is Step 2.
you move transaction entries from a journal to a general ledger.
what is step 3?
The difference between the trial balance and the adjustments is placed in the what?
What is the trial balance
shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet
what is step 8
Only revenues and expenses go on the Income statement?
True
to determine if a transaction exists and whether It is a monetary transaction related to business.
what is step 1.
the step that comes after you document a transaction in the general journal.
what is step 3
You bought $1000 worth of supplies on January 1st, on January 31st you only have $500 worth of supplies left, what step would you document this in?
what is step 5
when you put everything in the income summary
what is Closing Entries
The totals for the adjusted trial balance come from the difference General Journal and the unadjusted trial balance
True
If a company buys $500 of supplies and doesn't write it in their journal, what step was skipped?
Step 2
The third planet from the sun
what is Earth
What is the purpose of making adjusting entries?
what is to bring all the accounts up to date
The process of preparing accounting information into three sets of financial, income statement, owner's equity statement, and the balance sheet
what is Prepare Financial Statements
You adjust journal entries in the adjusted trial balance?
False