Answer to Question #97724 in Financial Math for Shruti chawatekar

Question #97724
Mr. Shil Wants to record the financial transactions of his newly started business. Discuss what accounting steps/stages he need to adhere so that the transactions can be duly recorded and processed in order to prepare the financial statements.
1
Expert's answer
2019-11-01T06:04:34-0400

The main steps of accounting cycle are;

  1. Analyzing and Classify Data about an Economic Event.
  2. Journalizing the transaction.
  3. Posting from the Journals to General Ledger.
  4. Preparing the Unadjusted Trial Balance.
  5. Recording Adjusting Entries.
  6. Preparing the Adjusted Trial Balance.
  7. Preparing Financial Statements.
  8. Recording Closing Entries.
  9. Preparing a Closing Trial Balance.
  10. Recording Reversing Entries.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

Assignment Expert
31.10.19, 15:28

Please kindly wait for the solution of this question.

Shruti chawatekar
31.10.19, 14:41

I didn't get an answer to the question I sent. I received your mail, and touch the link you provided. But the answer seems to be in the processing.

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS