Steps in Accounting cycle - DBA502E-18EX-M11-OX by TANZ eCampus https://padlet.com/itsupport4/r4k4nku8fwja DBA502 - Applied Accounting en-us 2018-11-12 00:26:00 UTC 2018-12-01 09:47:24 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Bigthunderstorm.png Close the accounts itsupport4 https://padlet.com/itsupport4/r4k4nku8fwja/wish/303070429 2018-11-12 00:26:00 UTC https://padlet.com/itsupport4/r4k4nku8fwja/wish/303070429 Prepare financial statements itsupport4 https://padlet.com/itsupport4/r4k4nku8fwja/wish/303070430 2018-11-12 00:26:00 UTC https://padlet.com/itsupport4/r4k4nku8fwja/wish/303070430 Journalise and post adjusting entries itsupport4 https://padlet.com/itsupport4/r4k4nku8fwja/wish/303070431 2018-11-12 00:26:00 UTC https://padlet.com/itsupport4/r4k4nku8fwja/wish/303070431 Prepare a trial balance itsupport4 https://padlet.com/itsupport4/r4k4nku8fwja/wish/303070432 2018-11-12 00:26:00 UTC https://padlet.com/itsupport4/r4k4nku8fwja/wish/303070432 Post transactions to ledger accounts itsupport4 https://padlet.com/itsupport4/r4k4nku8fwja/wish/303070433 2018-11-12 00:26:00 UTC https://padlet.com/itsupport4/r4k4nku8fwja/wish/303070433 Journalise transactions itsupport4 https://padlet.com/itsupport4/r4k4nku8fwja/wish/303070434 2018-11-12 00:26:00 UTC https://padlet.com/itsupport4/r4k4nku8fwja/wish/303070434 Collect and analyse info from source docs itsupport4 https://padlet.com/itsupport4/r4k4nku8fwja/wish/303070435 2018-11-12 00:26:00 UTC https://padlet.com/itsupport4/r4k4nku8fwja/wish/303070435 Activities by Alicja https://padlet.com/itsupport4/r4k4nku8fwja/wish/310043280 1 Identified business transaction – Invoice has been issued to the customer for service provided by our company

2 Analyse transaction to determinate how the transaction changed the accounting equation

We have identified that it will effect Asset and Revenue

3 Identify an account which transition will fall under

We have identified it will increase Accounts Receivable (Asset) and increase Sale (Revenue)

4 We identify increase for AR as DR and increase in Sale as CR

5 We are ready to make a journal entry

 

1 Identified business transaction - Invoice has been paid by customer – money in a bank

2 Analyse transaction to determinate how the transaction changed the accounting equation

We have identified that it will effect Asset

3 Identify an account which transition will fall under

It will decrease Accounts Receivable (Asset) and it will increase Bank (Asset)

4 We identify decrease in AR as CR and increase in Bank as DR

5 We are ready to make a journal entry

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