Describe how a classified balance sheet is different from a basic unclassified balance sheet.List the major categories of accounts that would appear under assets, liabilities, and stockholder’s equity on a classified balance sheet.Rearrange the following steps in the accounting cycle in proper order:Financial statements are prepared.An adjusted trial balance is prepared.Adjustment data are assembled and analyzed.Adjusting entries are journalized.Closing entries are journalized and posted to the ledger.An unadjusted trial balance is prepared.Transactions are posted to the ledger.Transactions are analyzed and recorded in the general journal.An optional end-of-period work sheet is prepared.A post-closing trial balance is prepared.Rearrange the following steps in the accounting cycle in proper order: