The following table summarizes ten steps of the accounting cycle, including purpose and timing of each step. Complete the seven blanked boxes [items (i) to (vii)] in the summarized table to explain its purpose and/ or timing to do for the steps 2, 3, 5 and 8.

TIMING TO DO 1. THE ACCOUNTING CYCLE PURPOSE To determine accounts to be debited and credited (i) STEPS Analyze transactions Journalize During the year 2. During the year 3. Post (ii) (iii) 4. (iv) 5. End of year 6. Prepare To summarize unadjusted ledger accounts and unadjusted trial amount. balance Journalizing (v) and posting of adjusting entries Prepare To summarize adjusted ledger accounts and adjusted trial amounts balance Preparing the To report financial information statements Journalizing (vi) and posting of closing entries End of year 7. End of year 8. (vii) 9. End of year 10 Post-closing trial balance Reversing entries (optional) To prove the accuracy of the adjusting and closing procedures To provide for recording in new fiscal period without consideration of accruals from previous periods adjustments. Beginning of new year