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Instructions Beside Each Step Determine If the Step Can Be Performed

Question 131

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Instructions
Beside each step determine if the step can be performed daily, periodically such as monthly, quarterly or annually or only performed annually.

Premises:
Prepare financial statements;
Prepare an unadjusted trial balance
Prepare a post closing trial balance
Analyze business transactions
Post to general ledger accounts
Journalize and post closing entries
Prepare a trial balance
Journalize and post adjusting entries; Prepayments/ Accruals
Journalize the transaction
Responses:
periodically
daily
annually

Correct Answer:

Prepare financial statements;
Prepare an unadjusted trial balance
Prepare a post closing trial balance
Analyze business transactions
Post to general ledger accounts
Journalize and post closing entries
Prepare a trial balance
Journalize and post adjusting entries; Prepayments/ Accruals
Journalize the transaction
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