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Accounting Cycle Project You are requested to use your assumed business to prepare an accounting cycle project which include the 9 steps

Step 1 Analyze Business Transactions (Accounting Cycle)

Assume that you are the Financial Accountant of a newly started business from your chosen in August 2020: You are requested to assume the chosen business transactions during the month of August 2020 and analyze it by shown the impact of these transactions on the accounting equation!

Step 2 Accounting Cycle Journalize Business Transactions

You are requested to journalize the assumed transactions for your chosen business during the month of August 2020!

STEP 3 ACCOUNTING CYCLE- Posting or Ledgering the journal entries

You are requested to Posting or Ledgering the journal entries the assumed transactions for your chosen business during the month of August 2020!

STEP 4 ACCOUNTING CYCLE Preparing Trial Balance

You are requested to Preparing Trial Balance the assumed transactions for your chosen business during the month of August 2020!

Step 5 Accounting Cycle Journalize and Post Adjustments

You are requested to Performing adjusting the assumed transactions for your chosen business during the month of August 2020!

Step 6 Accounting Cycle- Laying down adjusted trial balance

You are requested to Laying down adjusted trial balance the assumed transactions for your chosen business during the month of August 2020!

Step 7 Accounting Cycle Prepare Financial Statements

You are requested to Prepare Financial Statements the assumed transactions for your chosen business during the month of August 2020!

Step 8 Accounting Cycle- Book Closing

You are requested toBook Closing the assumed transactions for your chosen business during the month of August 2020!

Step 9 Accounting Cycle-Post-closing trial balance

You are requested to Post-closing trial balance the assumed transactions for your chosen business during the month of August 2020!

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Conclusion: I need Analyze Business Transactions+Journalize the Transactions +Posting or Ledgering the journal entries+Preparing Trial Balance+Journalize and Post Adjustments+Laying down adjusted trial balance+Prepare Financial Statements+Book Closing+closing trial balance

Date 1/8/2020 Transaction Increased capital in the business Amount $14500 Analyzel Analysis Increased in liability i.e., Capital and increase in cash which is current asset 5/8/2020 Payment of rent $2500 Increase in liability rent and decrease in cash 10/8/2020 $7500 Purchase Company computer on credit Increased in Fixed asset and increase of liability Creditor 15/8/2020 $1600 Purchased Accessories from Sunday limited Increased in Fixed asset accessories and decrease in cash in hand 18/8/2020 $6000 Received cash from debtor (James) Increase of Asset cash and decrease of debtor 20/8/2020 $5000 Received from fore services rendered Provided services Paid salaries and wages. Utility and office rent Increased in cash and increase in revenue Revenue increased Service expenses by cash 21/8/2020 23/8/2020 $4500 $500,$300 and $400 respectively 25/8/2020 30/8/2020 Paid electricity Received cash from debtor (Customer J) $230 $700 Expenses increased Cash increased nsaction Revenues Supplies Account Receivable + Cash + Equipment Account Payable + Owner's Capital - Owner's Drawings + + Expenses +$14,500 +$9,000 1 -($2500) 2 -($2500) +$7,500 +$7,500 +$2,400 3 4 -($1,600 +$1,600 5 +$6,000 -($6,000) 6 +$5,000 7 +$4,500 '-($500) 8 -($500) +$9,000 +$2,400 -($300) 9 -($300) '-($400) 10 -($400) -($230) 11 -($230) +$700 -($700) 0 +$9,100 +$7,500 '+$14,500 0 +$9,500 -($3930) Total +$20,670 -($2,200) The Accounting Cycle Learning Objective 4 State the required steps in the accounting cycle. 1. Analyze business transactions 9. Prepare a post-closing trial balance 2. Journalize the transactions 8. Journalize and post closing entries 3. Post to ledger accounts 7. Prepare financial statements 4. Prepare a trial balance 6. Prepare an adjusted trial balance 5. Journalize and post adjusting entries 4-1 Illustration 4-11 Steps in the accounting cycle LO 4 Date 1/8/2020 Transaction Increased capital in the business Amount $14500 Analyzel Analysis Increased in liability i.e., Capital and increase in cash which is current asset 5/8/2020 Payment of rent $2500 Increase in liability rent and decrease in cash 10/8/2020 $7500 Purchase Company computer on credit Increased in Fixed asset and increase of liability Creditor 15/8/2020 $1600 Purchased Accessories from Sunday limited Increased in Fixed asset accessories and decrease in cash in hand 18/8/2020 $6000 Received cash from debtor (James) Increase of Asset cash and decrease of debtor 20/8/2020 $5000 Received from fore services rendered Provided services Paid salaries and wages. Utility and office rent Increased in cash and increase in revenue Revenue increased Service expenses by cash 21/8/2020 23/8/2020 $4500 $500,$300 and $400 respectively 25/8/2020 30/8/2020 Paid electricity Received cash from debtor (Customer J) $230 $700 Expenses increased Cash increased nsaction Revenues Supplies Account Receivable + Cash + Equipment Account Payable + Owner's Capital - Owner's Drawings + + Expenses +$14,500 +$9,000 1 -($2500) 2 -($2500) +$7,500 +$7,500 +$2,400 3 4 -($1,600 +$1,600 5 +$6,000 -($6,000) 6 +$5,000 7 +$4,500 '-($500) 8 -($500) +$9,000 +$2,400 -($300) 9 -($300) '-($400) 10 -($400) -($230) 11 -($230) +$700 -($700) 0 +$9,100 +$7,500 '+$14,500 0 +$9,500 -($3930) Total +$20,670 -($2,200) The Accounting Cycle Learning Objective 4 State the required steps in the accounting cycle. 1. Analyze business transactions 9. Prepare a post-closing trial balance 2. Journalize the transactions 8. Journalize and post closing entries 3. Post to ledger accounts 7. Prepare financial statements 4. Prepare a trial balance 6. Prepare an adjusted trial balance 5. Journalize and post adjusting entries 4-1 Illustration 4-11 Steps in the accounting cycle LO 4

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