f14 - Completion of the Accounting Cycle Accounting Cycle...

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Completion of the Accounting Cycle
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Accounting Cycle During Period Collect transaction data from business documents Analyze transactions and journalize Post to ledgers
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Accounting Cycle End of Period Prepare unadjusted trial balance Prepare worksheet Prepare financial statements Journalize and post adjustments Journalize and post closing entries Prepare post closing trial balance
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Worksheet Working paper that bridges the gap between the accounting records and the financial statements Determines the effect of end-of-period adjustments Determines net income Sets up information for closing entries
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Preparing the Worksheet Enter the heading Enter account numbers, titles, and general ledger balances in Trial Balance columns Enter adjustments in Adjustments columns
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Preparing the Worksheet Calculate the Adjusted Trial Balance columns Extend amounts from Adjusted Trial Balance columns to the Income Statement or Balance Sheet columns
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f14 - Completion of the Accounting Cycle Accounting Cycle...

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