Complete the steps in the accounting cycle in order to prepare the financial statements.

describe the purpose of the accounting system
describe the purpose of journals and ledgers and their relationship
describe the impact of technology on the accounting process
identify and explain the advantages and disadvantages of different types of accounting systems
differentiate between accounting and bookkeeping
analyze and describe how business transactions impact the accounting equation
apply the double-entry system of accounting to record business transactions and prepare a trial balance
explain the need for adjusting entries and record adjusting entries
explain the purposes of the closing process and record closing entries
prepare the financial statements for the different types of business operations and ownership structures
describe the relationship between the closing process, the financial statements, and the post-closing trial balance