E4-10 Renee Davis has prepared the following list of statements about the accounting cycle. 1. "Journalize the transactions" is the first step in the accounting cycle. 2. Reversing entries are a required step in the accounting cycle. 3. Correcting entries do not have to be part of the accounting cycle. 4. If a worksheet is prepared, some steps of the accounting cycle are incorporated into the Ans the (LO worksheet. 5. The accounting cycle begins with the analysis of business transactions and ends with the preparation of a post-closing trial balance. 6. All steps of the accounting cycle occur daily during the accounting period. 0 7. The step of "post to the ledger accounts" occurs before the step of "journalize the trans- actions." 8. Closing entries must be prepared before financial statements can be prepared. Instructions Identify each statement as true or false. If false, indicate how to correct the statement. E4-11 Selected accounts for Tamora's Salon are presented below. All June 30 postings are