Chapter Four-Manual Homework Assets Liabilities Owners' Equity B/S Investments-Drawing+/-Net Income Stmt of OE Revenues-Expenses 1/5 1. Explain the purpose of the Spreadsheet- 2. The steps in using a spreadsheet and completing the accounting cycle are presented below in random order. List the proper order by placing numbers 1-10 in the blank spaces. a. b. C. d. e. f. B h. 1. k Prepare a post-closing trial balance using the amounts from the General Ledger. Using the amounts from the completed spreadsheet, complete and issue the formal Financial Statements (B/S, Stmt of OE, B/S). Journalize and post (to the GL) the 2 closing entries using the spreadsheet as a guide. Calculate and enter the adjusted trial balance on the spreadsheet. On the spreadsheet, extend the adjusted trial balance amounts to either the I/S columns or the B/S columns depending on what type of account they represent On the spreadsheet, total the I/S columns, calculate the net income (net loss), and complete the spreadsheet. Start entering quantitative transactions for the following period. Journalize and post (to the GL) the adjusting entries using the information from the spreadsheet. Enter the deferral and accrual adjustments on the spreadsheet. Prepare the Unadjusted Trial balance on the spreadsheet. 3. This chapter introduces a "Classified" Balance Sheet. This involves grouping (classifying) Assets and Liabilities accounts with similar accounts on the Balance Sheet. Define and describe the 2 different assets and liability types introduced in this chapter. a. Assets- b. Liabilities- 4. Closing Journal Entries are used to transfer the balances of certain accounts into another accounts. Please describe what the 2 closing entries transfer and relate your discussion to the Accounting Equation above. Also, include why this step is very important to this and future time periods.