Accounting cycle steps (Learning Objectives 2, 3, & 4) 5–10 min.

The following list names the activities involved in the accounting process of recording and summarizing business transactions. Place the number corresponding with the order the activity occurs next to the activity, starting with 1.

1 Transaction occurs.

Prepare the financial statements.

Prepare the trial balance.

Post the transactions from the journal to the ledger.

Record the transactions in the journal.

AppendixLO1