What the next step in the accounting cycle is to

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Problem 1: After the transactions have been posted, the next step in the accounting cycle is to

Option 1: prepare the financial statements.

Option 2: prepare the postclosing trial balance.

Option 3: prepare the worksheet.

Option 4: journalize and post the adjusting entries.

Problem 2: The fundamental accounting equation can be rewritten as:

Option 1: Assets + Liabilities = Owner's Equity

Option 2: Liabilities - Owner's Equity = Assets

Option 3: Assets + Owner's Equity = Liabilities

Option 4: Assets - Liabilities = Owner's Equity

Reference no: EM132624162

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