There are 9 teps in the account cycle:
1. Record journal entries
2. Post entries to ledger
3. Prepare unadjusted trial balance
4. Adjust journal entries
5. Prepare adjusted trial balance
6. Record reversing entries
7. Prepare post-closing trial balance
8. Record closing entries
9. Prepare financial statements
The accounting cycle that allows a business to record all business transactions that eventually lead to preparation of their financial statements. This information is used for record keeping purposes of expenses and revenues.
