Running head: ACC 201 MODULE TWO SHORT PAPERACC 201 Module Two Short Paper: The Accounting Cycle[Your Name]Southern New Hampshire University1ACC 201 Module Two Short Paper2Accounting cycle is the procedure that starts with journalizing the transaction and endswith trial balance. There are various steps included in the accounting cycle. The accounting cycleis important to record accurate entries and handle the finances of the companies properly. It alsokeeps the financial statement up to date and accurate.The accounting cycle comprises of 10 steps. The first step is analyzing and recording thetransaction in the form of a journal. This helps to determine if the entry is an asset, liability,dividend, retained earnings, common stocks, etc. Each transaction increases or decreases thedebit or credit. the second step is hosting the journals to the ledger. (Warren 2017) The ledger ofeach account is maintained separately. The third step is an adjusted trial balance. It helps todetermine if there is an error in the debit and credit of the ledger. The next step is adjustmentdata that helps to keep the accounts updated. The fifth step is optional related to the preparati ...
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