Question

required information chart of accounts assets liabilities stockholders equity cash accounts receivable supplies prepaid rent equipment notes payable common stock retained earnings dividends revenue service revenue expenses salaries expense knowledge check 01 below are the steps in the measurement process of transactions. arrange them from first (1) to last (6) post transactions to the general ledger. assess whether the transaction results in a debit or credit to account balances. use source documents to identify accounts affected by an transaction. analyze the impact of the transaction on the accounting equation. prepare a trial balance. record the transaction in a journal using debits and credits.

Explanation:

Step1: Identify affected accounts

Use source documents to identify accounts affected by an transaction. (1)

Step2: Analyze accounting - equation impact

Analyze the impact of the transaction on the accounting equation. (2)

Step3: Determine debit/credit

Assess whether the transaction results in a debit or credit to account balances. (3)

Step4: Record in journal

Record the transaction in a journal using debits and credits. (4)

Step5: Post to general ledger

Post transactions to the general ledger. (5)

Step6: Prepare trial - balance

Prepare a trial balance. (6)

Answer:

Use source documents to identify accounts affected by an transaction. (1)
Analyze the impact of the transaction on the accounting equation. (2)
Assess whether the transaction results in a debit or credit to account balances. (3)
Record the transaction in a journal using debits and credits. (4)
Post transactions to the general ledger. (5)
Prepare a trial balance. (6)