Chapter 2: Review of the Accounting Process Understand routine economic eventstransactionsand determine their effects on a companys financial position and on specific accounts Describe the steps in the accounting processing cycle Analyze and record transactions using journal entries Post the effects of journal entries to general ledger accounts and prepare an unadjusted trial balance Identify and describe the different types of adjusting journal entries Record adjusting journal entries in general journal format, post entries, and prepare an adjusted trial balance Describe the four basic financial statements Explain the closing process and be able to record closing entries