Step 1 – Analyze Business Transactions (Accounting Cycle)

Assume that you are the Financial Accountant of a newly started business from your chosen in August 2020:

You are requested to assume the chosen business transactions during the month of August 2020 and analyze it by shown the impact of these transactions on the accounting equation!

Step 7 Accounting Cycle – Prepare Financial Statements

You are requested using the information of Step 1 to prepare the financial statements of your chosen business for the month of August 2020.

Step 2 Accounting Cycle – Journalize Business Transactions

You are requested to journalize the assumed transactions for your chosen business during the month of August 2020!

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Conclusion: I need Analyze Business Transactions+Prepare Financial Statements+Journalize the Transactions.

The Accounting Cycle Learning Objective 4 State the required steps in the accounting cycle. 1. Analyze business transactions 9. Prepare a post-closing 2. Journalize the trial balance transactions 8. Journalize and post 3. Post to ledger accounts closing entries 7. Prepare financial 4. Prepare a trial balance statements 6. Prepare an adjusted trial balance 5. Journalize and post adjusting entries Illustration 4-11 4-1 LO 4 Steps in the accounting cycle