Correctly Order the steps in the Accounting Cycle

Correctly Order the steps in the Accounting Cycle Determine which accounts are needed for the entry Post entries to the Gener

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as above chart we can easily understand the steps in accounting cycle

1) Identify the transaction

2) Determine which accounts are needed for the entry

3) Record entries in the general journal

4) Post entries to the general ledger

5) Journal adjusting entries

6) Post adjusting entries to the general ledger

7) Post costing entries

8) Prepare and adjusted trial balance

9) Prepare closing entries

10) Prepare post closing trial balance

11) Run a trial balance

12) Prepared the statement of owner equity

13) Prepare the income statement

14) Prepare the balance sheet

ekkarill92 answered 1 year ago

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