80.2K

Verified Solution

Link Copied!

This is an Calculation Assignment not Writing Assignment, The Scope of the Question is About Assuming a financial transaction as in August 2020 Transaction, Cover the 9 steps in Business Cycle. PLEASE DO COVER ALL THE 9 STEPS CORRECTLY as they are all related and - please Do all of the steps according to your assume transactions otherwise its not acceptable and correctly

Assignment (1) Accounting Cycle Assume that you are the Financial Accountant of a newly started business from your chosen in August 2020: You are requested to assume the chosen business transactions during the month of August 2020 and analyze it by shown the impact of these transactions on the accounting equation! After that implement the remain steps of the accounting cycle on the transactions of the chosen business. The Accounting Cycle Learning Objective 4 State the required steps in the accounting cycle. Share capital Assets=liability to R-E-b sole proprietorship, partnership, Corporation, con calle 1. Analyze business transactions 1000 Buying and selling goat Asse paying rent Ren 9. Prepare a post-closing trial bankogh balance 2. Journalize the transactions Recording the transactions in the general cournai zahook. | Equ Date/ Explanationy Past/oror. G 8. Journalize and post closing cashlors 1000 sele revenue len 1000) entries -Analyzethe dar 3. Post to ledger accounts 2- Determinate til have of accounts RG feur 7. Prepare financial statements 4. Prepare a trial balance 6. Prepare an adjusted trial balance 5. Journalize and post adjusting entries 4-1 Illustration 4-11 Steps in the accounting cycle LO

Answer & Explanation Solved by verified expert

See Answer