Displayed below is the income statement section of info

Assignment Help Accounting Basics

Reference no: EM13483338

Part 1:List the following steps of the accounting cycle in their proper order

Analyzing business transactions.
Collecting and verifying source documents.
Completing a worksheet.
Journalizing business transactions.
Journalizing and posting adjusting entries.
Journalizing and posting closing entries.
Posting journal entries to ledgers.
Preparing financial statements.
Preparing a post-closing trial balance.
Preparing a trial balance.

Part 2:Displayed below is the Income Statement section of Info Software's worksheet.

Income Summary
Sales		$97,000.00
Sales Discount	$1,000.00
Sales Return and Allowance	$2,400.00
PurchasesPurchase	$25,000.00
Discount		$500.00
Purchase Return and Allowance		$1,500.00
Transport In	$3,000.00
Federal Corp. Income Tax Expense	$5,532.00
Insurance Expense	$300.00
Miscellaneous Expense	$6,000.00
Rent Expense	$12,000.00
Supplies Expense	$450.00
Utilities Expense	$14,000.00
	$69,682.00	$99,000.00
Net Income	$29,318.00
	$99,000.00	$99,000.00

Reference no: EM13483338

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