Accounting: Chapter 8 (IV. Identifying the Accounting Cycle for a Service Business)
Terms in this set (8)
A work sheet, including a trial balance, is prepared form the general ledger
Transactions, from information on source documents, are recorded in a journal.
Source documents are checked for accuracy, and transactions are analyzed into debit and credit and credit parts
Adjusting and closing entries are posted to the general ledger
Financial statement are prepared from the work sheet.
Adjusting and closing entries are journalized form the work sheet.
A post-closing trial balance of the general ledget is prepared.
Journal entries are posted to the general ledger.