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6. Put the following closing activities in the correct order (NOTE: some activities may be missing)...

6. Put the following closing activities in the correct order (NOTE: some activities may be missing) Of the listed activities which would be FIFTH?

a. Adjusted trial balance

b. Closing entries

c. Create financial statements

d. Adjusting entries

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Answer #1

Answer

--Correct Order would be:
#1: Adjusting entries [d]: FIrst adjusting entries are recorded after preparing unadjusted trial balance.
#2: Adjusted Trial balance [a]: Then, after adjusting entries are posted, the adjusted trial balance, with adjusted balances of accounts is prepared.
#3: Create financial statements[c]: The adjusted trial balance accounts' balances are used to prepare Income Statement, Statement of retained earnings and Balance Sheet.
#4: Closing entries [b]: The temporary accounts are then closed out by recording various closing entries.
#5: Post closing trial balance: Once closing entries are posted, the balances of permanent accounts are used to prepare the Post Closing trial balance.

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