This is a great video to get a very simple view of the accounting cycle. It runs for less than 5 minutes. You will also find that it is a good video to watch a few times because it can help you measure how your understanding of the accounting cycle is improving.
It takes two transactions and works them through the accounting cycle -- from recording the transaction in a journal, posting to the ledger, summarizing in the trial balance, doing adjustments, producing financial statements and doing the closing entries so that the accounts are ready to start the next period.
Great explanation - nice and simple
tttarsh 9 months ago