The Accounting Cycle by Daphne Renwick https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w Concept Map en-us 2022-03-04 13:13:43 UTC 2025-11-14 20:40:04 UTC hello@padlet.com https://padlet.net/icons/png/1f994.png The Accounting Cycle daphnerenwick https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077881430 2022-03-04 13:20:50 UTC https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077881430 is daphnerenwick https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077881847 2022-03-04 13:21:05 UTC https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077881847 a collective process of identifying, analyzing, and recording the accounting events of a company. It is a standard 8-step process that begins when a transaction occurs and ends with its inclusion in the financial statements. daphnerenwick https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077885093 2022-03-04 13:22:57 UTC https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077885093 steps daphnerenwick https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077891153 2022-03-04 13:26:28 UTC https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077891153 Identify Transactions daphnerenwick https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077892562  means to determine if a transaction actually exists and whether or not it is relevant to the business. After a transaction has been identified, it is then analyzed.]]> 2022-03-04 13:27:19 UTC https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077892562 Record Transactions in a Journal daphnerenwick https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077893546 keeps a record of all your business transactions, tracking them in chronological order, as they happen. Adding new journal entries is called journalizing.]]> 2022-03-04 13:27:54 UTC https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077893546 Posting daphnerenwick https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077894243 is when the balances in subledgers and the general journal are shifted into the general ledger]]> 2022-03-04 13:28:18 UTC https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077894243 Unadjusted Trial Balance daphnerenwick https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077894956 is a list of all the general ledger balances without making any adjustment entries.]]> 2022-03-04 13:28:43 UTC https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077894956 Worksheet daphnerenwick https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077895542 is a device used for easy preparation of adjusting entries and financial statements.]]> 2022-03-04 13:29:05 UTC https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077895542 Adjusting Journal Entries daphnerenwick https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077897227 is an entry in a company's general ledger that occurs at the end of an accounting period to record any unrecognized income or expenses for the period.]]> 2022-03-04 13:30:06 UTC https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077897227 Financial Statements daphnerenwick https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077898240 are written records that convey the business activities and the financial performance of a company.]]> 2022-03-04 13:30:40 UTC https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077898240 Closing the Books daphnerenwick https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077898647 refers to an accounting procedure that happens at the end of each month or designated company period, and at the end of each year.]]> 2022-03-04 13:30:53 UTC https://padlet.com/daphnerenwick/a3l8lo6ciyszc42w/wish/2077898647