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.

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