What is the correct order in which the steps in the manual recording process occur?
I Record transactions in the journal
Ii Record adjusting entries
Iii Prepare financial statements
Iv Post transactions to the ledger
A) i, ii, iii, iv
B) iv, ii, i, iii
C) i, iv, iii, ii
D) i, iv, ii, iii

Question

Quizplus · Accepted Answer

The correct order is to first record transactions in the journal (i), then post those transactions to the ledger (iv), followed by recording any necessary adjusting entries (ii), and finally preparing the financial statements (iii).

What Is the Correct Order in Which the Steps in the Manual