Homework help with Accounting Cycle

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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