8. Which of the following transactions involves an accrued asset? a. Wages earned by employees but not yet paid b. Rent collected in advance from a tenant c. Rent owed by a tenant but not yet collected d. One year's premium on life insurance policy paid in advance ANSWER: 9. Which one of the following is the last step in the accounting cycle? a. Journalizing business transactions b. Recording and posting adjustments c. Closing the accounts d. Preparing financial statements ANSWER: 10. Some of the steps in the accounting cycle are listed below. Select the choice that places these steps in the correct order 1. Close the accounts. 2. Post transactions to accounts in the ledger 3. Journalize daily transactions. 4. Record and post adjustments. 5. Prepare financial statements. a. 2,3,4,5,1 b. 3,2,4,5,1 c. 3,2,4, 1,5 d. 3, 2, 5, 4