Accounting

Columbus State Accounting 1211: Accounting Cycle Example

By mikejones_34

  • Analyze Transactions

    Analyze all transactions from the previous year

  • Journalize

    Record all transactions or transfers of assets

  • Post

    Post journal entries to the ledger

  • Prepare unadjusted trial balance

  • Adjust

    Make adjustments as needed to accounts

  • Prepare adjusted trial balance

    With adjusted accounts, "re-do" the trial balace

  • Prepare Financial Statements

  • Close

    Close all non-permantent accounts so they reset to zero for the upcoming year

  • Prepare post closing trial balance

    With temporary accounts now closed, prepare new trial balance

  • Reverse (Optional)