The accounting cycle is pictured below. The first three steps are highlighted: Step 1: Collect and verify
Question:
The accounting cycle is pictured below. The first three steps are highlighted:
Step 1: Collect and verify source documents.
Step 2: Analyze each transaction.
Step 3: Journalize each transaction.
Transcribed Image Text:
Collect and verify source documents INVOICE RECEIPT MEMORANDUM POST-CLOSING TRIAL BALANCE Prepare a post-closing trial balance Analyze each transaction ACCOUNT DEBIT CREDIT GENERAL JOURNAL ACCOUNT DEBIT CREDIT LEDGER Journalize and post closing entries Journalize each transaction GENERAL JOURNAL 7 INCOME STATEMENT STATEMENT OF CHANGES IN OWNER'S EQUITY BALANCE SHEET Prepare financial statements Post to the ledger 6 WORK SHEET Prepare a work sheet LEDGER 5 TRIAL BALANCE Prepare a trial balance
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