Question
Part 1: List the following steps of the accounting cycle in their proper order Analyzing business transactions. Collecting and verifying source documents. Completing a worksheet.
Part 1:
List the following steps of the accounting cycle in their proper order
Analyzing business transactions.
Collecting and verifying source documents.
Completing a worksheet.
Journalizing business transactions.
Journalizing and posting adjusting entries.
Journalizing and posting closing entries.
Posting journal entries to ledgers.
Preparing financial statements.
Preparing a post-closing trial balance.
Preparing a trial balance.
Part 2:
Displayed below is the Income Statement section of Info Softwares worksheet.
Income Summary | ||
Sales | $97,000.00 | |
Sales Discount | $1,000.00 | |
Sales Return and Allowance | $2,400.00 | |
PurchasesPurchase | $25,000.00 | |
Discount | $500.00 | |
Purchase Return and Allowance | $1,500.00 | |
Transport In | $3,000.00 | |
Federal Corp. Income Tax Expense | $5,532.00 | |
Insurance Expense | $300.00 | |
Miscellaneous Expense | $6,000.00 | |
Rent Expense | $12,000.00 | |
Supplies Expense | $450.00 | |
Utilities Expense | $14,000.00 | |
$69,682.00 | $99,000.00 | |
Net Income | $29,318.00 | |
$99,000.00 | $99,000.00 |
Instructions:
Journalize the closing entries for the accounts in the worksheet.
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