Homework help with Accounting Cycle

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Homework Help with Accounting Cycle

Accounting cycle is a procedure under that a business organization start recording business transactions till the completion of the financial year and this process ends with the preparation of financial statements. Accounting cycle is a long process it has some steps that play a big role in the creation of financial statements.

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Steps need to be followed in the creation of financial statements under accounting cycle:

  • To identify, collect, and analyze finance related documents and financial transactions.
  • After you are done with the first step then record the transactions in journals.
  • Then you post the journalized amounts to accounts in the general and subsidiary ledgers column.
  • You also need to prepare an unadjusted trial balance.
  • To determine and record adjusted entries.
  • Then you prepare an adjusted trial balance.
  • To prepare the financial statements.
  • Next you record and post-closing entries.
  • To prepare a post-closing trial balance.
  • And maybe you also need to record reversing entries.

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