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The First Step in the Accounting Cyde is Business transactions are reviewed to determine the effect of the transaction on the General Ledger. Prepare a
The First Step in the Accounting Cyde is Business transactions are reviewed to determine the effect of the transaction on the General Ledger. Prepare a Post-Closing Trial Balance to determine that accounts in the General Ledger are in balance and ready for a new cycle Make an entry in the General Journal for each transaction and post the entry to the General Ledger Accounts D Prepare an Income Statement from the ending balances in the General Ledger revenue and expense accounts
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