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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

List the 10 steps in the accounting cycle.

To determine

List the 10 steps in the accounting cycle.

Explanation

Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting transactions of an organization and then processing them. The accounting cycle starts when a transaction takes places and it ends at the time when these transactions are recorded in the financial statements of the company.

The steps of accounting cycle are as listed below:

Step 1: Analyze the business transactions.

Step 2: Record the transactions in journal format.

Step 3: Post the journal entries to their respective ledger accounts.

Step 4: Prepare an adjusted trial balance...

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