Step 1 – Analyze Business Transactions (Accounting Cycle)

Assume that you are the Financial Accountant of a newly started business from your chosen in August 2020:

You are requested to assume the chosen business transactions during the month of August 2020 and analyze it by shown the impact of these transactions on the accounting equation!

SECOUND ASSIGNMENT (2)

Step 7 Accounting Cycle – Prepare Financial Statements

You are requested using the information of Step 1 to prepare the financial statements of your chosen business for the month of August 2020.

THIRD ASSIGNMENT (3)

Step 2 Accounting Cycle – Journalize Business Transactions

You are requested to journalize the assumed transactions for your chosen business during the month of August 2020!

FOURTH ASSIGNMENT (4)

Step 3 Accounting Cycle – Post Business Transactions

Based on the work in step 2 of the accounting cycle [Journalize the transactions], You are requested to Post the assumed transactions for your chosen business during the month of August 2020!

FIFTH ASSIGNMENT (5)

Step 4 Accounting Cycle – Prepare Trial Balance

Based on the work in step 3 of the accounting cycle [Post Business Transactions], You are requested to prepare the trial balance for your chosen business during the month of August 2020!

SIXTH ASSIGNMENT (6)

Step 7 Accounting Cycle – Prepare Financial Statements

Based on the work in step 4 of the accounting cycle [Prepare Trial Balance], You are requested to prepare the financial statements for your chosen business during the month of August 2020!

Important Notes: -

* All steps and 6 Assignments are related to each other

* Business suggested: Alnaqbi for Football Training

* I need it in a word format ... not PNG picture please so I can copy and paste the numbers and Table

 

Transcribed Image Text:

The Accounting Cycle Learning Objective 4 State the required steps in the accounting cycle. 1. Analyze business transactions 9. Prepare a post-closing 2. Journalize the trial balance transactions 8. Journalize and post 3. Post to ledger accounts closing entries 7. Prepare financial 4. Prepare a trial balance statements 6. Prepare an adjusted trial balance 5. Journalize and post adjusting entries Illustration 4-11 4-1 LO 4 Steps in the accounting cycle The Accounting Cycle Learning Objective 4 State the required steps in the accounting cycle. 1. Analyze business transactions 9. Prepare a post-closing 2. Journalize the trial balance transactions 8. Journalize and post 3. Post to ledger accounts closing entries 7. Prepare financial 4. Prepare a trial balance statements 6. Prepare an adjusted trial balance 5. Journalize and post adjusting entries Illustration 4-11 4-1 LO 4 Steps in the accounting cycle

Answer rating: 100% (QA)

Transactions during August 2020 Aug 1 Contributed cash in ex... View the full answer