Six steps of accounting
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Fifth step
Financial statement: Formal net income, changes in ownership equity, and formal balance sheet
Step 2
Put transaction journal into ledger
Fourth step
Six column worksheet with trial balance, income statement, and balance sheet
The first step in the Accounting Cycle
Analyze source documents and put them in transaction journal
Sixth step
Closing TJ and then closing ledger
Step 3
Do the trial balance
