The Accounting Cycle - Edubirdie

University:
Eastern Kentucky University
Course:
ACC 200 | Survey of Accounting
Academic year:

2022
Views:

425

Pages:

1
Author:

Hallie Randolph

THE ACCOUNTING CYCLE 1. Business transactions are analyzed and recorded in a general journal. 2. General journal entries are posted to the general ledger. 3. Prepare an unadjusted trial balance. (DR=CR) 4. Adjustment data are assembled and analyzed. 5. Prepare an end-of-period worksheet (optional step). 6. Journalize and post adjusting journal entries to the ledger. 7. Prepare an adjusted trial balance. 8. Prepare financial statements in the following order: a. Income Statement b. Statement of Retained Earnings c. Balance Sheet d. Statement of Cash Flows (covered in Managerial Accounting) 9. Journalize and post closing entries. 10. Prepare a post-closing trial balance. (Remember  DR=CR) Note: All steps above lead to the preparation of financial statements which is a major purpose of Financial Accounting.

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