Describe each of the steps in the accounting process, as shown below: P-698 1. Identify transactions and events 2. Analyze transactions and events in terms of the basic accounting equation.

3. Translate the transaction analysis into debits and credits.

4. Prepare journal entries and post to the general ledger.

5. Prepare and post adjusting entries.

6. Prepare the income statement.

7. Prepare and post-closing entries.

8. Prepare the balance sheet.