Title: Explain the steps of the accounting cycle for a service business.
Course: Accounting (12104-I) > Section: Understanding the Accounting Cycle for a Service Business

Explanation should include the following steps:

1. Collecting and verifying source documents.
2. Analyzing each transaction.
3. Journalizing each transaction in the general journal.
4. Posting transactions to the general ledger.
5. Preparing a trial balance.
6. Preparing a worksheet.
7. Journalizing and posting adjusting and closing entries.
8. Preparing a post-closing trial balance.
9. Preparing financial statements.