Describe the required steps in the accounting cycle. Be sure to incorporate the accounting equation and how debits and credits work in your discussion.

Week Four -- DQ 1 due Day 2 (Tuesday)

The Accounting Cycle

Describe the required steps in the accounting cycle. Be sure to incorporate the accounting equation and how debits and credits work in your discussion.
Week Four -- DQ 2 due Day 4 (Tuesday)

Year-End Closing Entries

Describe the nature and purpose of the adjusted trial balance.

Explain the purpose of closing entries. Is there any difference in how closing entries are recorded as compared with recording daily transactions and adjusting entries Why or why not?