EXERCISES EX 4-1 Steps in the accounting cycle Rearrange the following steps in the accounting cycle in proper sequence a. An unadjusted trial balance is prepared b. Transactions are posted to the ledger An optional end-of-period spreadsheet (work sheet) is prepared d. An adjusted trial balance is prepared e Financial statements are prepared E. A post-closing trial balance is prepared. & Transactions are analyzed and recorded. h. Closing entries are joumalized and posted to the ledger 1. Adjusting entries are journalized and posted to the ledger. Business transaction occurs