Analyze and record the transactions in the journal.
The first step of the accounting cycle is to analyze and record the transactions in the journal.
What are all the steps involved in accounting cycle?
There are 10 steps involved in accounting cycle, which are the following:
- The journal is used to analyze and record transactions.
- The ledger is updated with transactions.
- A trial balance without adjustments is created.
- Data on adjustments are compiled and examined.
- A work sheet (spreadsheet) for the conclusion of the term is optionally created.
- Corrective entries are recorded in the journal and added to the ledger.
- The trial balance is modified.
- Financial reports are created.
- Journalizing and posting closing entries to the ledger.
- A trial balance after closing is created.
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