Multiple Choice
Which of the following sequence of actions describes the proper order in the accounting cycle?
A) Journalize, post, close, prepare financial statements, adjust, and analyze transactions
B) Prepare financial statements, journalize, post, adjust, analyze transactions, close
C) Analyze transactions, journalize, post, adjust, prepare financial statements, close
D) Post, close, prepare financial statements, adjust, analyze transactions, and journalize
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Which of the following accounts will be
Q3: How do you close a revenue account?<br>A)
Q4: The income statement credit column of the
Q5: Each individual revenue account is debited when
Q6: To close the Withdrawals account:<br>A) debit Withdrawals;
Q8: The balance in the Rent Expense account
Q9: From the following accounts, prepare in proper
Q10: Tom's Electrical Service purchased tools for $6,000.
Q11: The following normal account balances were found
Q12: After closing the revenue and expense accounts,