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Accounting steps Please describe what is involved in completing the step. Please be as specific...

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Accounting

Accounting steps

Please describe what is involved in completing the step. Please be as specific and detail as possible as if you were teaching a friend on how to complete the step properly.

Step 5. An optional end-of-period spreadsheet is prepared. (This step is presented out of order in the textbook because it fits the discussion in Chapter 4 better.)

Step 8. Financial statements are prepared.

Step 9. Closing entries are journalized and posted to the ledger. (Similar to Step 1 and 2 but combine in one step related to closing entries.)

Step 10. A post-closing trial balance is prepared.

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