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Analyze business transaction and journalize the transaction

Assignment Help Accounting Basics
Reference no: EM13862804

The order of events in the accounting cycle is very important. First, discuss the order. Secondly, explain why it is so important.

Lastly, use the order in the accounting cycle to complete your homework assignment, because if you do the steps in the wrong order, you will get all mixed up! (oops. I think part of the question is:

What happens if you do the steps out of order? Okay, so feel free to give me your version of that answer also!)

To save you some time, I am going to give you a page reference that lists the steps in the accounting cycle in order.

ANSWER:

Thanks for sharing the page number. It would have taken me a long time also to find it.

The steps required in the accounting cycle are:

1. Analyze the business transaction.

2. Journalize the transaction.

3. Post to ledger accounts.

4. Prepare a trail balance.

5. Journalize and post adjusting entries.

6. Prepare and adjust trail balance.

7. Prepare financial statement.

8. Journalize and post closing entries.

9. Prepare a post-closing trail balance.

It is very important to follow the order. Doing it in a different order would make it very difficult to verify the necessary checks and balances to make sure you will balance the sheet at the end.

Reference no: EM13862804

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