Steps 1-3 of the accounting cycle occur daily during a Company's accounting period. Steps 4-7 are done periodically such as at the end of each month, and Steps 8 and 9 are usually done once a year at the end of a Company's accounting period.How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle?

50-150 words, no more please.