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 2 Accounting Cycle Journalize Business Transactions

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

STEP 3 ACCOUNTING CYCLE- Posting or Ledgering the journal entries

You are requested to Posting or Ledgering the journal entries the assumed transactions for your chosen business during the month of August 2020!

STEP 4 ACCOUNTING CYCLE Preparing Trial Balance

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

Step 5 Accounting Cycle Journalize and Post Adjustments

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

Step 6 Accounting Cycle- Laying down adjusted trial balance

You are requested to Laying down adjusted trial balance the assumed transactions for your chosen business during the month of August 2020!

Step 7 Accounting Cycle Prepare Financial Statements

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

Step 8 Accounting Cycle- Book Closing

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

Step 9 Accounting Cycle-Post-closing trial balance

You are requested to Post-closing trial balance the assumed transactions for your chosen business during the month of August 2020!

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Conclusion: I need Analyze Business Transactions+Journalize the Transactions +Posting or Ledgering the journal entries+Preparing Trial Balance+Journalize and Post Adjustments+Laying down adjusted trial balance+Prepare Financial Statements+Book Closing+closing trial balance