9 Steps in accounting Cycle

Step 1

Analyze the Transaction

Step 2

Post the Transaction

Step 3

Record Transaction the Journal

Step 4

Prepare Trial Balance

Step 5

Prepare adjusting entries

Step 6

Adjusted trial balance

Step 7

Prepare Financial Statements: Income, Retained Earnings, Balance Sheet, Statement of Cash Flows

Step 8

Prepare closing entries

Step 9

Post closing trial balance