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How do to complete the whole accounting cycle

How do to complete the whole accounting cycle

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Answer #1

Accounting cycle is completed by following below steps:-

1 Transactions are analyzed by examination of numerous source documents.

2 Transactions are journalized in the journal.

3 Journal entries are posted to the accounts in the ledger.

4 Trial balance of the accounts is prepared

5 Financial statements prepared.

6Posting of adjusting entries.

7Posting of closing entries.

8Closing trial balance is prepared to give the effects of all adjustments.

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