The last three steps in the accounting cycle include prepare financial statements, journalize and post closing entries, and prepare a post-closing trial balance.
Correct Answer:
Verified
Q2: Correcting entries will only be done at
Q3: Closing revenue and expense accounts to the
Q5: The owner's drawings account is a permanent
Q7: Cash is a temporary account and it
Q8: The owner's drawings account is closed to
Q9: After closing entries have been journalized and
Q9: Closing the drawings account to Capital is
Q10: Closing entries are journalized after adjusting entries
Q13: The amounts appearing on an income statement
Q15: The final step in the accounting cycle
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents