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Part 1:List the following steps of the accounting cycle in their proper order

  1. Analyzing business transactions.
  2. Collecting and verifying source documents.
  3. Completing a worksheet.
  4. Journalizing business transactions.
  5. Journalizing and posting adjusting entries.
  6. Journalizing and posting closing entries.
  7. Posting journal entries to ledgers.
  8. Preparing financial statements.
  9. Preparing a post-closing trial balance.
  10. Preparing a trial balance.

Part 2:Displayed below is the Income Statement section of Info Software's 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

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9798514

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