Recording and Posting Transactions
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Recording and Posting Transactions Extend Your Knowledge: 3.2. Analyze transactions. 1. The Accounting Cycle. Prepare post-closing trial balance. 9. Journalize. 2. 2. Close. 8. Post. 3. Prepare statements. 7. Prepare unadjusted trial balance. 4. Adjust. Prepare

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Recording and Posting Transactions

Extend Your Knowledge: 3.2


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Analyze

transactions

1

The Accounting Cycle

Prepare

post-closing

trial balance

9

Journalize

2

2

Close

8

Post

3

Prepare

statements

7

Prepare

unadjusted

trial balance

4

Adjust

Prepare

adjusted

trial balance

6

5


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Service Contract

Client Billing

Note Payable

Purchase Ticket

Bank Statement

Finlay Interiors

January 2005

Jan.1 Deposit $10,000

Analyze

transactions

1

Carol Finlay invested $10,000 cash into the business. This would appear on a source document, the bank statement, as a deposit. This is a transaction and will therefore be recorded.


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Analyze

transactions

1

Bank Statement

Finlay Interiors

January 2005

Journalize

2

Jan.1 Deposit $10,000

The transaction is recorded in the general journal as a $10,000 debit to Cash and a $10,000 credit to Carol Finlay, Capital


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Analyze

transactions

1

Journalize

2

The transaction is posted from the general journal to the appropriate accounts in the ledger.

Post

3


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Analyze

transactions

1

Journalize

2

Post

3

Prepare

unadjusted

trial balance

4

The trial balance is prepared by taking the balance from each account in the ledger and listing it on the trial balance.


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