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.

Note: assume the numbers from your business chosen, there is no specific numbers but the numbers are related in step 1,2,7 answer.

Create your own business and apply the steps 1,2,7 to it.

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