Part 1:List the following steps of the accounting cycle in their proper order
- Analyzing business transactions.
- Collecting and verifying source documents.
- Completing a worksheet.
- Journalizing business transactions.
- Journalizing and posting adjusting entries.
- Journalizing and posting closing entries.
- Posting journal entries to ledgers.
- Preparing financial statements.
- Preparing a post-closing trial balance.
- 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 |