When it comes to Accounting there are nine steps that one must follow. The nine steps as followed in the accounting cycle are: 1. Analyze Transactions 2. Journalize Transactions 3. Post to Ledger Accounts 4. Prepare a Trail Balance 5. Journalize and Post Adjusting Entries 6. Prepare an Adjusted Trail Balance 7. Prepare Financial Statements 8. Journalize and Post Closing Entries 9. Prepare a Post Closing Trail Balance
In the first step of accounting the analyze transactions is something that is done daily to classify transactions according to the debit and credit.
Second is the journalize transactions which is where one will enter the transaction data in part of a recording process of recording the information. Third is the post to ledger accounts is the last phase of the recording process. The fourth step is to prepare an n adjusted trail balance which is where one would list the account titles with the balances in the same order that is listed in the ledger.
One will total the debits and the credits to prove it is equal before applying any adjustments.
The fifth step is the Journalize and post adjusting entries which is used to enter data using the J2 of the general journal. It also records the revenues earned and expenses incurred for the current accounting period that have not been recognized. The sixth step is to prepare an adjusted trail balance which is where all the account balances are entered. It helps proves the equality of total debits and total credits in the ledger.
The seventh step is to prepare financial statements which are to be preformed periodically.
The eighth step is to journalize and post closing entries which helps complete the J3 page of the general journal and the ruling of accounts. It is to be done at the end of the company’s annual accounting period. The ninth and final step is to prepare a post closing trial balance which is where one will list the permanent accounts and the balances after journalizing and posting closing entries.
Remember! This is just a sample.
You can get a custom paper by one of our expert writers.
Get your custom essay
Helping students since 2015
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download
