Phase 2: The Accounting Cycle (Application) a.) Journalize the transactions in the general journal. HST accounting in the Province of Ontario is required. Remember to include DEening entries. b.) Create a general ledger. The general ledger must have a chart of accounts and proper general ledger accounts numbering. c.) Post the Transactions to the ledger accounts d.) Prepare a trial balance e.) Prepare a worksheet (6 Column only) f) Prepare the income statement g.) Prepare a classified balance sheet h.) Adjust and close the books (journalize and post to ledger accounts)