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24 February, 03:35

During the end-of-period processing, which of the following best describes the logical order of steps? preparation of income statement, adjusted trial balance, balance sheet preparation of adjustments, adjusted trial balance, posting preparation of adjusted trial balance, cross-referencing, journalizing preparation of adjustments, adjusted trial balance, financial statements

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  1. 24 February, 04:45
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    preparation of adjustments, adjusted trial balance, financial statements

    Explanation:

    For the processing of the end period of accounting the logical order are as follows

    1. Journal entry. This step records the day to day transaction of the business organization

    2. Ledger posting: In this various accounts ledger accounts are posted

    3. Unadjusted Trial balance: In this both debit and credit accounts are maintained so that their total could be matched

    4. Adjusting entries

    5. Adjusted trial balance: After recording the adjusting entries, the adjusting trial balance is prepared

    6. After this, the final is to prepare the financial statements

    7. Closing entries

    Hence, the last option is correct
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