The Following Steps in the Accounting Cycle Are Presented Out

question 131

Essay

The following steps in the accounting cycle are presented out of order below.Arrange the steps in proper order by placing a number from 1 through 5 in the blanks provided.Also identify each step as either a recurring activity (RA)-one that would be repeated during the fiscal period-or an end-of-period activity (EOP)-one performed at the end of the accounting period.
______
a. Record entries in a journal.
______
b. Adjust the accounts and prepare an adjusted trial balance.
______
c. Close the accounts and prepare a post-closing trial balance.
______
d. Analyze business transactions from source documents.
______
e. Post entries to the ledger and prepare a trial balance.

---

Definitions:

Brand-Name Merchandise

Products that are recognized and sold under a well-known, established brand name, often associated with higher quality and consumer trust.

Markdown Pricing Strategy

A pricing approach where products are initially offered at a higher price but are subsequently marked down, usually to stimulate sales or clear out inventory.

Off-Price Retailing Strategy

A retail strategy where goods are sold at prices lower than the standard retail prices, often obtained through special purchases or excess inventory.

New Models

The latest versions or designs of products, often featuring improvements or updates from previous editions.