1 - collect and verify source documents, 2 - analyze each business transaction, 3 - journalize each transaction, 4 - post to the general and subsidiary ledgers, 5 - prepare a trial balance, 6 - complete a work sheet, 7 - prepare the financial statements (income statement, statement of retained earningsm and balance sheet), 8 - journalize and post the adjusting entries, 9 - journalize and post the closing entries, 10 - prepare a post-closing trial balance ,

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