Listed Below Are Some of the Steps Required to Complete

question 105

Short Answer

Listed below are some of the steps required to complete the accounting cycle.
1. Analyze business transactions.
2. ___________________________
3. Post to general ledger accounts.
4. Prepare a trial balance.
5. ___________________________
6. ___________________________
7. ___________________________
8. Journalize and post closing entries.
9. ___________________________
Instructions
Fill in the blank with the appropriate step in the accounting cycle.

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Definitions:

Debit Side

The left side of a ledger account that is used to record increases in assets, expenses, and decreases in liabilities, equity, and income.

Asset Accounts

Ledger accounts that record a company's owned resources with economic value expected to provide future benefits.

Compound Entry

An accounting entry that involves more than two accounts, where there are multiple debits, credits, or both.

Three Accounts

A fundamental concept in accounting that typically refers to the three major financial statements: the balance sheet, income statement, and cash flow statement.