Steps to the Accounting Cycle
Learn the Accounting Cycle Steps through this presentation.
The 8 steps to the Accounting Cycle
1. Analyze transactions by examining source documents.
2. Journalize transactions in the journal.
3. Post journal entries to the accounts in the ledger.
4. Prepare a trial balance of the accounts and complete the worksheet (includes adjusting entries).
5. Prepare financial statements.
6. Journalize and post adjusting entries.
7. Journalize and post closing entries.
8. Prepare a post-closing trial balance.