Test 1: THE ACCOUNTING CYCLE: Fill in the blanks the letter only of the answer. Step 1: Identifying business transactions Step 2: Step 3: Step 4: Step 5: Step 6: 5. Step 7: Step 8: Step 9: Step 10: 9. A. Preparation of adjusting journal entries B. Preparation of closing entries C. Preparation of worksheet D. Completing the financial statements E. Preparation of trial balance F. Journalizing business transactions G. Preparation of reversing entries H. Preparation of post-closing trial balance 1. Posting to the general ledger Discuss the diagram in relation to the definition and purpose of ACCOUNTING: INPUT . Transactions PROCESS . The Accounting Process / Cycle OUTPUT . Financial Reporting / Financial Statements