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Accounting Cycle

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by

Katherine Wszeborowska

on 11 February 2014

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Transcript of Accounting Cycle

2
Transactions, from information on source documents, are recorded in journals.
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Journal entries are posted to the accounts payable ledger, the accounts receivable ledger, and the general ledger.
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Schedules of accounts payable and accounts receivable are prepared from the subsidiary ledgers.
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An unadjusted trial balance is prepared from the general ledger.
Accounting Cycle
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Source documents are checked for accuracy, and transactions are analyzed into debit and credit parts.
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Adjusting entries are journalized.
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Adjusting entries are posted to the general ledger.
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An adjusted trial balance is prepared from the general ledger.
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Financial statements are prepared from the adjusted trial balance.
By: Katherine Wszeborowska, Block E
pg. 504
Source Document
Journals
General Ledger
Trial Balance
Un-Adjusted Trial balances
Adjusting Entries
Entries into General Ledger
Adjusted Trial Balance
Balance Sheets,Statement of Stockholders Equity, and Income Statement
Closing Entries
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Closing entries are journalized.
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Closing Entries to General Ledger
Closing entries are posted to the general ledger.
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Post Closing Trial Balance
A post-closing trial balance is prepared from the general ledger.
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