366625
Accounting Cycle
- 1.The first step is where the
transactions are analyzed
and recorded in the journal
- 2. After transactions are
analyzed, they are posted
on the general ledger
- 3. Then we obtain the
balances and the
unadjusted trail balance
is prepared
- 4. The adjustment data
is assembled and
analyzed
- 5. An optional end of period spreadsheet is
prepared starting with the unadjusted trail
balance, continuing with all adjustment and
ending with the adjusted trail balance
- 6. The financial
statements are prepared
- 7. The adjusting entries are
journalized and posted on
the ledger
- 8. Closing entries are
journalized and posted to
the ledger
- 9. The post-closing trail
balance is prepared
- 9. The post-closing trail
balance is prepared
- 8. Closing entries are
journalized and posted to
the ledger
- 7. The adjusting entries are
journalized and posted on
the ledger
- 6. The financial
statements are prepared
- 5. An optional end of period spreadsheet is
prepared starting with the unadjusted trail
balance, continuing with all adjustment and
ending with the adjusted trail balance
- 4. The adjustment data
is assembled and
analyzed
- 3. Then we obtain the
balances and the
unadjusted trail balance
is prepared
- 2. After transactions are
analyzed, they are posted
on the general ledger
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