Review the steps in the accounting cycle covered in this chapter and answer the following questions: 1. What is the fifth step? 2. What is the sixth step? 3. What would happen if the fifth step was not completed? 4. What is the purpose of the sixth step? 1. What is the fifth step of the accounting cycle? Analyze and journalize transactions in the journal. Journalize and post adjusting entries. Post journal entries to the accounts in the ledger. Prepare the adjusted trial balance. Prepare the unadjusted trial balance. Start with the beginning account balances.