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.