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Transcript of Accounting Cycle
Transactions, from information on source documents, are recorded in journals.
Journal entries are posted to the accounts payable ledger, the accounts receivable ledger, and the general ledger.
Schedules of accounts payable and accounts receivable are prepared from the subsidiary ledgers.
An unadjusted trial balance is prepared from the general ledger.
Source documents are checked for accuracy, and transactions are analyzed into debit and credit parts.
Adjusting entries are journalized.
Adjusting entries are posted to the general ledger.
An adjusted trial balance is prepared from the general ledger.
Financial statements are prepared from the adjusted trial balance.
By: Katherine Wszeborowska, Block E
Un-Adjusted Trial balances
Entries into General Ledger
Adjusted Trial Balance
Balance Sheets,Statement of Stockholders Equity, and Income Statement
Closing entries are journalized.
Closing Entries to General Ledger
Closing entries are posted to the general ledger.
Post Closing Trial Balance
A post-closing trial balance is prepared from the general ledger.