Summary of the Accounting Cycle

3 Pages
106 Views
Unlock Document

Department
Financial Accounting
Course
MGAB01H3
Professor
Liang Chen
Semester
Fall

Description
Summary of the Accounting Cycle 1. Analyse business transactions 2. Journalize the transactions 3. Post to ledger accounts 4. Prepare a trial balance 5. Journalize and post adjusting entries: PrepaymentsAccrualsEstimates 6. Prepare an adjusted trial balance 7. !705,701L3,3.L,O89,9020398,3.420$9,902039 $9,902039414Z307806:L9 ,O,3.0 sheet 8. Journalize and post closing entries 9. Prepare a post-closing trial balance Beginning of a new accounting period Reversing Entries A reversing entry is made at the beginning of the next accounting period. It is the exact opposite of the adjusting entry made in the previous period. The preparation of reversing entries is an optional bookkeeping procedure that is not a required step in the accounting cycle. Correcting Entries Entries to correct errors made in recording transactions. Adjustments are journalized and posted only at the end of an accounting period. In
More Less

Related notes for MGAB01H3

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit