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  • Assignment 7 1

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    Eilen Joyce Bisnar
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    The document lists the steps of the financial reporting process and identifies whether each step is a function of the transaction processing system (TPS), general ledger system (GLS), or financial reporting system (FRS). The steps are: 1) Record transaction in special journal, 2) Make adjusting entries, 3) Capture the transaction, 4) Prepare the post-closing trial balance, 5) Prepare adjusted trial balance, 6) Prepare financial statements, 7) Journalize and post the adjusting entries, 8) Post to the subsidiary ledger, 9) Post to the general ledger, 10) Journalize and post the closing entries, 11) Prepare the unadjusted trial balance.

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    The document lists the steps of the financial reporting process and identifies whether each step is a function of the transaction processing system (TPS), general ledger system (GLS), or financial reporting system (FRS). The steps are: 1) Record transaction in special journal, 2) Make adjusting entries, 3) Capture the transaction, 4) Prepare the post-closing trial balance, 5) Prepare adjusted trial balance, 6) Prepare financial statements, 7) Journalize and post the adjusting entries, 8) Post to the subsidiary ledger, 9) Post to the general ledger, 10) Journalize and post the closing entries, 11) Prepare the unadjusted trial balance.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    240 views1 page

    Assignment 7 1

    Uploaded by

    Eilen Joyce Bisnar
    The document lists the steps of the financial reporting process and identifies whether each step is a function of the transaction processing system (TPS), general ledger system (GLS), or financial reporting system (FRS). The steps are: 1) Record transaction in special journal, 2) Make adjusting entries, 3) Capture the transaction, 4) Prepare the post-closing trial balance, 5) Prepare adjusted trial balance, 6) Prepare financial statements, 7) Journalize and post the adjusting entries, 8) Post to the subsidiary ledger, 9) Post to the general ledger, 10) Journalize and post the closing entries, 11) Prepare the unadjusted trial balance.

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    Assignment 7

    Question 1:

    The following contains the various steps of the financial reporting process. Place these steps in
    the proper order and indicate whether each step is a function of the TPS, GLS, or FRS.

    1. Record transaction in special journal - (TPS)

    2. Make adjusting entries – Financial Reporting System (FRS)

    3. Capture the transaction – (TPS)

    4. Prepare the post – closing trial balance - (FRS)

    5. Prepare adjusted trial balance – (FRS)

    6. Prepare financial statements – (FRS)

    7. Journalize and post the adjusting entries – (FRS)

    8. Post to the subsidiary ledger – (FRS)

    9. Post to the general ledger - (GLS)

    10. Journalize and post to the closing entries – (FRS)

    11. Prepare the unadjusted trial balance – (FRS)

    This study source was downloaded by 100000777994094 from CourseHero.com on 05-06-2021 09:27:15 GMT -05:00

    https://www.coursehero.com/file/65197668/Assignment-7-1docx/

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