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Accounting Cycle

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by

Tiffany Rappold

on 7 May 2013

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Transcript of Accounting Cycle

Accounting Cycle For Service Businesses Record the necessary closing entries in the general journal in their proper general ledger accounts After you summarize the journals for your business and develop the entries you need, you post the entries into the General Journal. When posting include dollar amounts. Analyze Transactions Understand the different accounts
Assets
Liabilities
Owner's Equity
Revenue
Expense A journal has five account columns:
Genral Debit
genreal Credit
Sales Credit
Cash Credit
Debit Credit Business is up! Prepare work Sheet Post Adjusting and
Closing Entries Post Journalize Worksheets are a tool for creating a trail balance and an adjusted trial balance. It uses all of the accounts contained in the company's accounting records. Worksheets help calculate the final numbers to enter to the financial statements Analyzes Transactions Journalize adjusting and closing entires Prepare post-closing trial balance Post adjusting and closing entries Molly: Wanna meet for lunch? Me: Can we do it tomorrow I'm working on a business sheet A business transaction is any event that affects the financial condition of a company and can be reliably measured in a dollar amount A journal amount column headed with an specail amount column record the necessary closing entries in the general journal and post them in their proper general ledger accounts. This brings the accounts up-to-date with all the balances This proves the equity of the debit and credit balances in the accounts open
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