Task description:

To perform this task, use a word processor (Word).

Create a "Graphic Organizer" that illustrates different phases or stages of the accounting cycle.

In the same document, answer the following questions:

What is a journal?

What are debits (Dr.) and credits (Cr.)?

Explain its use in the process of recording business transactions.

What is the ledger or general ledger and how does it help in the registration process?

What is an adjustment and what are the types of adjustments used? What is an adjusted trial balance?

Explain the importance of the adjustment process and its effect on the accounting cycle.

To support your answers, it is suggested to use an accounting reference book and provide its reference. In addition, you can use alternative academic resources, the electronic references and databases and provide the links for those.