Identify the steps of the accounting cycle and provide a description of each step.
PLESE ANSWER WITH IN 2 PAGES.Step1) journal entries.Step2) ledger accounts.Step3) unadjusted trial balance.Step4) trial balanceStep5) adjusted entries.Step6) adjusted trial balanceStep7) temporary income statement accountsStep8) post-closing trial balanceStep9) temporary adjusting entriesPlease prepare a brief report that lays out the steps of the accounting cycle above, explaining what each step does, why it is important to the success of a business, and what financial information is produced at the end of the cycle.Accounting Cycle Reporta) Identify the steps of the accounting cycle and provide a description of each step.b) What role does each step play in the success of a business?c) How could the omission of a step impact the success of a business? What strategies could be used to avoid this?d) What are the major financial statements that come out of the accounting cycle? Why are they important?
