The Accounting Cycle: During the Period. Chapter 2 . Learning Objectives. Identify the basic steps in measuring external transactions Analyze the impact of external transactions on the accounting equation
The Accounting Cycle: During the Period
Measuring Business Activities
Identify the Basic Steps in Measuring External Transactions.
Analyze the impact of external transactions on the accounting equation.
Debits and Credits
Assess Whether the Impact of External Transactions Results in a Debit or Credit to an Account Balance.
Record transactions using debits and credits.
Post transactions to T-accounts in the general ledger.
Prepare a Trial Balance.