Steps in the Accounting Cycle
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prepare financial statements (income statements, r/e statements, balance sheet)
The seventh step
prepare an unadjusted trial balance
The fourth step
prepare a post-closing trial balance (updating ending r/e balance)
The ninth step
journalize the transactions- record debit and credit in general journal
The second step
prepare an adjusted trial balance
The sixth step
post to the ledger accounts (T accounts)
The third step
journalize and post closing entries (close temporary accounts to r/e)
The eighth step
journalize and post adjusting entries
The fifth step
analyze the transactions
The first step