The Accounting Cycle
the 8 steps and everything in between
Questions to ask yourself:
- Which accounts are affected?
- How are they being affected?
- What is credit? What is debit?
- What is the amount?
Prepare a Worksheet
Put the accounts into a trial balance to see if any adjustments need to be made. Assets=Liabilities+Owner's Equity
Post Adjusting and Closing Entries
List the final balances of all of your accounts in the ledger. Temporary accounts should equal zero.