List the accounting cycle steps in proper order. Record and post adjusting entries. Post the transaction to the T-account in the general ledger. Record the transaction. Prepare financial statements (income statement, statement of stockholders' equity, balance sheet, and statement of cash flows) Record and post closing entries. Prepare a trial balance. Analyze the impact of the transaction on the accounting equation Assess whether the transaction results in a debit or a credit to the account balance. Use source documents to identify accounts affected by external transactions