1. Accounting Cycle

a) Identify the steps of the accounting cycle and provide a description of each step.

b) Analyze the role each step plays in the success of a business.

c) Analyze how the omission of a step could impact the success of a business. What strategies could be used to avoid this?

2. Accounting Workbook

a) Record all journal entries. Be sure that all information is recorded accurately.

b) Post entries to appropriate ledger accounts. Ensure all information is posted accurately.

c) Prepare unadjusted trial balance. Ensure unadjusted trial balance is prepared accurately.

d) Interpret trial balance and make appropriate end of period adjustments.

e) Post adjusted entries and prepare the adjusted trial balance.

f) Apply adjusted trial balance and prepare financial statements.

g) Annotate the financial statements. Determine the purpose of each statement.

h) What does each financial statement tell you as a business owner? What decisions/changes in operations will you make based on the results reported in your statements?

i) Close all temporary income statement accounts and create closing entries.

j) Prepare the post-closing trial balance for the next accounting period.

k) Cancel any applicable temporary adjusting entries and prepare reversing entries.