Describes the proper sequence in the accounting cycle

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Problem 1: Which of the following sequences of documents or records describes the proper sequence in the accounting cycle?

a. Source documents, ledger, journal, financial statements

b. Journal, source documents, ledger, financial statements

C. Source documents, journal, ledger, financial statements

d. Ledger, source documents, journal, financial statements

Problem 2: Closing entries will

a. increase the Owner's Capital balance.

b. decrease the Owner's Capital balance.

C. not affect the Owner's Capital balance.

d. either increase or decrease the Owner's Capital balance.

Reference no: EM132809724

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