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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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EXERCISE 4-6

Purpose: (L.O. 4) This exercise will review the proper sequence of the required steps in the accounting cycle.

The required steps in the accounting cycle are listed in random order below.

_______ a. Prepare an adjusted trial balance.
_______ b. Analyze business transactions.
_______ c. Prepare a post-closing trial balance.
_______ d. Prepare a trial balance.
_______ e. Prepare financial statements.
_______ f. Post to ledger accounts.
_______ g. Journalize and post adjusting entries.
_______ h. Journalize and post closing entries.
_______ i. Journalize the transactions.

Instructions

Indicate the proper sequence of the steps by numbering them “1,” “2,” and so forth in the spaces provided.

TIP: As you work through this exercise, concentrate on the logical step progression and the flow of information in the data gathering process.

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