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LEARNING OBJECTIVES Explanation LO1 Example: the work sheet is used as an aid in preparing: T Prepare financial 1. income statement statements 2. a statement of owner's equity 3. and a balance sheet. with the aid of a work sheet. LO2 Journalize and post closing entries. LO3 Prepare a post-closing trial balance. LO4 Steps in the accounting cycle are: List and 1. describe the steps in the accounting cycle. LEARNING OBJECTIVES Explanation LO1 Example: the work sheet is used as an aid in preparing: T Prepare financial 1. income statement statements 2. a statement of owner's equity 3. and a balance sheet. with the aid of a work sheet. LO2 Journalize and post closing entries. LO3 Prepare a post-closing trial balance. LO4 Steps in the accounting cycle are: List and 1. describe the steps in the accounting cycle