Accounting Cycle
By: Nicholas Wagman
1. Analyze Transactions 2. Journalize
Collecting and analyzing data from transactions and events is step number one. Next is putting transactions into the general ledger.
3. post 4. Prepare Work sheet
Posting entries to the general ledger. Preparing an adjusted trial balance.
5. Prepare financial statements 6. Journalize adjusting and closing entries
Adjusting entries appropriately. Preparing an adjusted trial balance.
7. Post adjusting and closing entries 8. Prepare post-closing trial balance
Organizing the accounts into financial statements. Closing the books.