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Recording and Posting Transactions Extend Your Knowledge: 3.2

Recording and Posting Transactions Extend Your Knowledge: 3.2. Analyze transactions. 1. The Accounting Cycle. Prepare post-closing trial balance. 9. Journalize. 2. 2. Close. 8. Post. 3. Prepare statements. 7. Prepare unadjusted trial balance. 4. Adjust. Prepare

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Recording and Posting Transactions Extend Your Knowledge: 3.2

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  1. Recording and Posting Transactions Extend Your Knowledge: 3.2

  2. Analyze transactions 1 The Accounting Cycle Prepare post-closing trial balance 9 Journalize 2 2 Close 8 Post 3 Prepare statements 7 Prepare unadjusted trial balance 4 Adjust Prepare adjusted trial balance 6 5

  3. Service Contract Client Billing Note Payable Purchase Ticket Bank Statement Finlay Interiors January 2005 Jan.1 Deposit $10,000 Analyze transactions 1 Carol Finlay invested $10,000 cash into the business. This would appear on a source document, the bank statement, as a deposit. This is a transaction and will therefore be recorded.

  4. Analyze transactions 1 Bank Statement Finlay Interiors January 2005 Journalize 2 Jan.1 Deposit $10,000 The transaction is recorded in the general journal as a $10,000 debit to Cash and a $10,000 credit to Carol Finlay, Capital

  5. Analyze transactions 1 Journalize 2 The transaction is posted from the general journal to the appropriate accounts in the ledger. Post 3

  6. Analyze transactions 1 Journalize 2 Post 3 Prepare unadjusted trial balance 4 The trial balance is prepared by taking the balance from each account in the ledger and listing it on the trial balance.

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