Unformatted text preview: is preparing business financial Statements from the adjusted trial balance, a number of important financial statements are created. The Income Statement and Statement of Owner's Equity are prepared first, then the Balance Sheet, Statement of Owner's Equity. The eighth step in the accounting cycle is closing temporary accounts preparing for the next period. The last step is preparing a post-closing trial balance lists from the balances of the accounts that were not closed, such as assets, liabilities, and owner's equity....
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This note was uploaded on 04/05/2010 for the course ACC 220 taught by Professor - during the Spring '10 term at University of Phoenix.
- Spring '10