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.