Selected accounts from the ledger of Williams Corporation appear below. For each account, indicate the following:

(a) In the first column at the right, indicate the nature of each account, using the following abbreviations:

Asset - A Liability - L None of the above - N

Expense - EX Revenues - R

(b) In the second column, indicate the normal balance by inserting Dr. or Cr.

		Type of Account	Normal Balance
1	Accounts payable
2	Retained earnings
3	Cash
4	Insurance expense
5	Equipment

Part III. (11 points) List the nine required steps in the accounting cycle in sequential order.

____ 1. Prepare adjusted trial balance.

____ 2. Prepare trial balance.

____ 3. Post to the ledger accounts.

____ 4. Analyze business transactions.

____ 5. Prepare a post-closing trial balance.

____ 6. Journalize and post adjusting entries.

____ 7. Journalize the transactions.

____ 8. Prepare financial statements.

____ 9. Journalize and post closing entries.