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The correct order is to journalize and post the transactions,
journalize and post the adjusting entries, and then journalize and post the
closing entries. Adjusting entries and closing entries are required.
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Which is the correct order of steps in the
accounting cycle?
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Journalize
and post transactions, journalize and post closing entries, journalize and
post adjusting entries.
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Journalize
and post transactions, journalize and post adjusting entries, journalize and
post closing entries.
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Prepare
financial statements, prepare adjusting entries, prepare closing entries,
prepare a post-closing trial balance.
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Post
transactions, journalize transactions, prepare a trial balance, prepare
financial statements.
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The formula is Principal x Rate x Time or $15,000 x 8% x (1/12)
since interest is stated in an annual rate yielding a value of $100.
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A company lends $15,000 at 8% interest for 3
months on June 1. If adjusting entries are recorded on June 30, how much will
be credited to Interest Revenue?
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$300
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$900
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$1,200
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$100
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