Transaction Cycles and Business Processes

The following contains the various steps of the financial reporting process. Place these steps in the proper order and indicate whether each step is a function of the TPS, GLS, or FRS. 384

PART II Transaction Cycles and Business Processes

Record transaction in special journal Make adjusting entries Capture the transaction

Prepare the post-closing trial balance

Prepare the adjusted trial balance

Prepare the financial statements

Journalize and post the adjusting entries Post to the subsidiary ledger Post to the general ledger

Journalize and post the closing entries

Prepare the unadjusted trial balance.

Solution: