Question

List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 1-9.

1. Prepare a trial balance.
2. Journalize the transactions.
3. Journalize and post closing entries.
4. Prepare financial statements.
5. Journalize and post adjusting entries.
6. Post to ledger accounts.
7. Prepare a post-closing trial balance.
8. Prepare an adjusted trial balance.
9. Analyze business transactions.

Answer 1

The proper sequence for accounting steps is to analyze business transactions, journalize the transactions, post to ledger accounts, prepare a trial balance, journalize and post adjusting entries, prepare an adjusted trial balance, prepare financial statements, journalize and post closing entries, and prepare a post-closing trial balance.

Step-by-step explanation:

1. Analyze business transactions
2. Journalize the transactions
3. Post to ledger accounts
4. Prepare a trial balance
5. Journalize and post adjusting entries
6. Prepare an adjusted trial balance
7. Prepare financial statements
8. Journalize and post closing entries
9. Prepare a post-closing trial balance