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This is done so that non-accounting professional would be able to comprehend the journal entries themselves and to make it easier for them to read the financial records. As soon as these transactions take place, they are recorded in the day books or books of prime entry. After a predetermined interval, the balances in the books of prime of entry are summed up and posted to ledger accounts. These ledger accounts are generally prepared in T-form, each having a debit and credit side. There are five categories of accounts, which include: assets, liabilities, revenues, expense and capital. There are also separate journals for each category for accounts. They include general journal, purchase ledger and sales ledger. The balances of these ledgers appear either on debit or credit side based on the type of accounts. Capital account usually has a credit balance. Similarly, liabilities and revenue accounts have credit balances, whereas expense and asset accounts have debit balances. However, the main task of accountants is to determine the type of entry and determine the double entry accounts that are going to be used in each transaction. Sometimes, whenever accountants forget to make a double-entry of a transaction, they can still reconcile the accounts at a later date using the available records. At the end of the period, all the accounts, which are made in T form are balanced. The balance of each of these accounts is then posted to trial balance. The accounts having a debit balance is posted on debit side of a trial balance, whereas accounts having credit balance is entered on the credit side of the trial balance. Accounts which have equal debits and credit and there is no balance are ignored and not posted in trial balance. At the end of the period ending and closing entries are recorded in the journal format and then posted to the trial balance to prepare the adjusted trial balance. This is done to give a better picture of a business transaction. ...Show more


Accounting cycle is a systematic procedure that takes place between when an actual business transaction takes and annual financial statements are prepared. The accounting cycle starts when a business transaction takes place. These transactions are entered into a journal first…
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THE ACCOUNT CYCLE essay example
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