The Importance of Accounting Cycle

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In this short paper, you will evaluate the importance of the accounting cycle by illustrating the products of that cycle and identifying the potential for problems if it is not properly followed. Use the Module Two Short Paper Template as you work on this short paper.

To complete this assignment, review the Module Two Short Paper Guidelines and Rubric document.


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Running Head: ACCOUNTING CYCLE

1

Accounting Cycle
Name
Institution

ACCOUNTING CYCLE
The first step in accounting cycle is making of the journal entries as transactions take
place. Some examples of journal entries that are made include recording credit sales, purchases
and cash transactions to sales, purchases and general journals respectively. The second step
involves transferring the journal entries to appropriate ledger accounts known as T- accounts.
Good examples of T-accounts include cash account debit and capital account credit. The third
step deals with preparation of unadjusted trial balance through extracting all credit and debit
balances from ledger accounts and posting them accordingly to prepare unadjusted trial balance
(Zhang, Low & Seow, 2019). In most cases, the unadjusted trial balance sid...


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