Flashcards in Supplement - The Accounting Cycle Deck (4)
What is the First Step in the Accounting Cycle?
to enter original documentation (Purchase invoices, sales invoices, payroll records) into the books of account.
What is the Second Step in the Cycle?
it occurs on a monthly basis and it's posting and balancing the journals and ledgers.
What's the Third Step of the Cycle?
Adjustments to the accounts to produce statements