Month: February 2020

What Is the Accounting Cycle? With Steps and Examples

Posted by Prabhjot7 jot7
  |  
On February 25, 2020

ContentTrial BalanceWhat Is the Accounting Cycle?Step 2: Add Adjusting EntriesAdjusting Entries Accounts that appear on the Income Statement are temporary accounts that are closed out—also referred to as “zeroed out”—at the end of the fiscal year. The balances from these accounts are moved to permanent accounts on the Balance Sheet.

read more