Question: Listed below in random order are the eight steps comprising a complete accounting cycle.

Prepare a trial balance.

Journalize and post the closing entries.

Prepare financial statements.

Post transaction data to the ledger.

Prepare an adjusted trial balance.

Make end-of—period adjustments.

Journalize transactions.

Prepare an after-closing trial balance.

1. List these steps in the sequence in which they would normally be performed. (A detailed under- standing of these eight steps is not required until Chapters 4 and 5.)
2. Describe ways in which the information produced through the accounting cycle is used by a company’s management and employees. Record the following selected transactions in general journal form for Quantum Clinic, Inc. Include a brief explanation of the transaction as part of each journal entry. Oct. 1 The clinic issued 5,000 additional shares of capital stock to Doctor Soges at $60 per share. Oct. 4 The clinic purchased diagnostic equipment. The equipment cost $250,000, of which $100,000 was paid in cash; a note payable was issued for the balance.

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