Some of the steps in the accounting cycle are listed below. Select the choice that places these steps in the correct order. 1 . Close the accounts. 2 . Post transactions to accounts in the ledger. 3 . Journalize daily transactions. 4 . Record and post adjustments. 5 . Prepare financial statements
a. 2, 3, 4, 5, 1
b. 3, 2, 4, 5, 1
c. 3, 2, 4, 1, 5
d. 3, 2, 5, 4, 1
b
Business
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Which of the following would be part of the bankruptcy estate of a debtor?
A) interest in jewelry worth $1,000 B) unmatured life insurance policy owned by the debtor C) interests in wrongful death benefits D) interest of $3,500 in a motor vehicle
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