Question

There are 8 phases in the Accounting Cycle. Place them in the appropriate order

Prepare a Post - Closing Trail Balance

Analyze Transactions

Create a Trial Balance

Journalize Transactions

Gather Adjusting Entries

Post Transactions

Journalize and Post the Adjusting Entries and the Closing Entries

Prepare Financial Statements

Answer 1

[AI-generated answer — Bot GPT 3.5]

1. Analyze Transactions

2. Journalize Transactions
3. Post Transactions
4. Create a Trial Balance
5. Gather Adjusting Entries
6. Journalize and Post the Adjusting Entries and the Closing Entries
7. Prepare a Post-Closing Trial Balance
8. Prepare Financial Statements