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Accounting Cycle

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by

Christine Nehring

on 26 July 2011

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Transcript of Accounting Cycle

The Accounting Cycle
Just the big picture... (details to follow in the next four months!)
1.Analyze
Business
Transactions
2.Journalize
Transactions
3.Post
Journal
Entries
5.Create
Financial
Statements
6.Journalize
Adjusting and
Closing Entries
7.Post Adjusting
and Closing Entries
8.Create Post-Closing
Trial Balance
4.Prepare
Worksheet

Transactions are the business dealings of a company. Every transaction must have a source document.
One last point...
a little humour about accounting misconceptions...
And that's the accounting cycle. We then move in to the
next period, and the cycle starts over again.
google images
The source document information is put into the company's journal like this...
The journal entries are
posted to the ledger.
Adjusting entries ensure accurate account balances,
while closing entries bring temporary accounts to zero
and transfer the balances to the capital account.
The post-closing trial balance
contains only the permanent accounts:
assets, liability, and capital.
Worksheets are used to rough out any adjustments
and organize financial statement information.
Video created by Christine Nehring
The adjusting and closing
entries are posted to the ledger.
Full transcript