CHAPTER 4

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CHAPTER 4. Completing the accounting Cycle ASSIGNMENT CLASSIFICATION TABLE. Brief A B. Study Objectives Questions Exercises Exercises Problems Problems *1. Prepare a worksheet. 1, 2, 3, 1, 2, 3 1, 2, 3, 1A, 2A, 3A, 1B, 2B, 3B, 4, 5 5, 6, 17 4A, 5A 4B, 5B. *2. Explain the process 6, 7, 4, 5, 6 4, 7, 8, 1A, 2A, 3A, 1B, 2B, 3B, of closing the books. 11, 12 11, 19 4A, 5A 4B, 5B. *3. Describe the content and 8, 9 7 4, 7, 8 1A, 2A, 3A, 1B, 2B, 3B, purpose of a post-closing 4A, 5A 4B, 5B. trial balance. *4. State the required steps 10, 11, 12 8 10, 19 5A 5B. in the accounting cycle. *5. Explain the approaches 13 9 12, 13 6A. to preparing correcting entries. *6. Identify the sections of a 14, 15, 16, 10, 11 3, 9, 14 1A, 2A, 3A, 1B, 2B, 3B, classified balance sheet. 17, 18 15, 16, 17 4A, 5A 4B, 5B. *7. Prepare reversing entries. 10, 19, 20 12 18, 19. *Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix *to the CHAPTER . 4-1. ASSIGNMENT CHARACTERISTICS TABLE.

and is made at the beginning of the new accounting period. Reversing entries are an optional step in the accounting cycle. 11. The steps that involve journalizing are: (1) journalize the transactions, (2) journalize the adjusting entries, and (3) journalize the closing entries. 12.

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