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Step1) journal entries.
Step2) ledger accounts.
Step3) unadjusted trial balance.
Step4) trial balance
Step5) adjusted entries.
Step6) adjusted trial balance
Step7) temporary income statement accounts
Step8) post-closing trial balance
Step9) temporary adjusting entries
Please prepare a brief report that lays out the steps of the accounting cycle above, explaining what each step does, why it is important to the success of a business, and what financial information is produced at the end of the cycle.
Accounting Cycle Report
a) Identify the steps of the accounting cycle and provide a description of each step.
b) What role does each step play in the success of a business?
c) How could the omission of a step impact the success of a business? What strategies could be used to avoid this?
d) What are the major financial statements that come out of the accounting cycle? Why are they important?