Reference no: EM132809724
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.