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    ACC-421 Week 1 Accounting Cycle Paper

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    danielsvc
    The document discusses the 10 steps of the accounting cycle at EchoStar Corp. It describes each step in detail: 1) identifying and recording transactions, 2) journalizing, 3) posting to ledgers, 4) preparing a trial balance, 5) making adjusting entries, 6) preparing an adjusted trial balance, 7) creating financial statements, 8) closing temporary accounts, 9) preparing a post-closing trial balance, and 10) making any reversing entries. Associate accountants handle initial steps like processing invoices, while accounting supervisors and managers oversee later steps like adjusting entries and financial statements using accounting software. The author is personally involved in verifying received materials and services.

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    ACC-421 Week 1 Accounting Cycle Paper

    Uploaded by

    danielsvc
    211 views6 pages
    The document discusses the 10 steps of the accounting cycle at EchoStar Corp. It describes each step in detail: 1) identifying and recording transactions, 2) journalizing, 3) posting to ledgers, 4) preparing a trial balance, 5) making adjusting entries, 6) preparing an adjusted trial balance, 7) creating financial statements, 8) closing temporary accounts, 9) preparing a post-closing trial balance, and 10) making any reversing entries. Associate accountants handle initial steps like processing invoices, while accounting supervisors and managers oversee later steps like adjusting entries and financial statements using accounting software. The author is personally involved in verifying received materials and services.

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    ACC-421 Week 1 Accounting Cycle Paper Identifying and Recording

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    The document discusses the 10 steps of the accounting cycle at EchoStar Corp. It describes each step in detail: 1) identifying and recording transactions, 2) journalizing, 3) posting to ledgers, 4) preparing a trial balance, 5) making adjusting entries, 6) preparing an adjusted trial balance, 7) creating financial statements, 8) closing temporary accounts, 9) preparing a post-closing trial balance, and 10) making any reversing entries. Associate accountants handle initial steps like processing invoices, while accounting supervisors and managers oversee later steps like adjusting entries and financial statements using accounting software. The author is personally involved in verifying received materials and services.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    211 views6 pages

    ACC-421 Week 1 Accounting Cycle Paper

    Uploaded by

    danielsvc
    The document discusses the 10 steps of the accounting cycle at EchoStar Corp. It describes each step in detail: 1) identifying and recording transactions, 2) journalizing, 3) posting to ledgers, 4) preparing a trial balance, 5) making adjusting entries, 6) preparing an adjusted trial balance, 7) creating financial statements, 8) closing temporary accounts, 9) preparing a post-closing trial balance, and 10) making any reversing entries. Associate accountants handle initial steps like processing invoices, while accounting supervisors and managers oversee later steps like adjusting entries and financial statements using accounting software. The author is personally involved in verifying received materials and services.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 6

    Running head: ACCOUNTING CYCLE PAPER 1

    Accounting Cycle Paper


    Vernon C. Daniels Jr
    ACC/421
    May 5, 2014
    Walfyette Powell














    Running head: ACCOUNTING CYCLE PAPER 2
    Accounting Cycle Paper

    In this paper, I will discuss the accounting cycle of EchoStar Corp. as I know it to be. Ten
    steps makeup the accounting cycle. Those ten steps are identifying and recording, journalizing,
    posting, trial balance, adjusting entries, adjusted trial balance, preparing financial statements,
    closing, post-closing trial balance, and if needed, reversing entries.
    I am personally involved in only one aspect of the process in regards verifying that
    invoiced materials or services have been received.
    Identifying and Recording
    Analyzing transactions is the first step in the accounting cycle. In order to accomplish
    thising, what will be recorded first must be defined. Company personnel changes may be
    important, but they are not a recordable transaction in the accounting cycle, however, companies
    should report all cash sales or purchases regardless of the dollar amount. Debit and credits are
    the transactions recorded. EchoStar utilizes associate accounts to handle this process. Those
    associate accounts are also responsible for accounts payable, accounts bookkeeping, and
    receivable duties. They are responsible for receiving, processing and recording customer invoices
    using accounting software and systems.
    Journalizing
    Journalizing is the second step in the accounting cycle and it involves entries that affect a
    companys assets, liabilities, and equities. The entries are assigned to a companys asset, liability,
    equity revenue, or expense (Kieso, Weygandt, & Warfield, 2012). EchoStars associate accounts
    also handle this task as well under the oversight of accounting supervisors.

    Running head: ACCOUNTING CYCLE PAPER 3
    Posting
    Posting is the third step in the accounting cycle. Posting is the process of reassigning
    journal entries to the ledger accounts and involves four steps. Step one would be to enter the
    relevant columns of the debited accounts with date, journal page, and debit amount shown in the
    journal into the ledger. The second step would be to write the account number that corresponds to
    the debit that was posted in the reference column. The third step would be to enter in the relevant
    columns of the credited accounts the date, journal page and credit amount shown from the
    journal into the ledger. The last step would be to write the account number that corresponds to
    the amount that was posted in the reference column of the journal (Kieso, Weygandt, & Warfield,
    p.96, 2012). This is yet another aspect handle by EchoStars associate accountants utilizing
    account software called Oracle.
    Trial Balance
    The trial balance, which is the fourth step, is a list of the account balances. Trial balances
    are usually done at the completion of an accounting period. Trial balances are listed with debits
    in one column and credits in the other with totals. The totals should match, if not then there is an
    error that must be corrected. EchoStar's accounting supervisors handle this step utilizing Oracle
    and make the necessary corrections.
    Adjusting Entries
    Adjusting entries is the fifth step in the accounting cycle and is also done at the
    completion of the accounting period. Adjusting entries are vital to reporting the relevant assets,
    liabilities, and equity. The account supervisors handle this task at EchoStar with input from the
    associate.

    Running head: ACCOUNTING CYCLE PAPER 4

    Adjusted Trial Balance
    The sixth step in the accounting cycle is adjusted trial balance. This step ensures the
    debits are still equal to the credits after making the period end adjustments. This step is
    performed by the account supervisors at EchoStar. The adjusted trial balance shows how
    financial events have had an effect throughout the accounting period.
    Preparing Financial Statements
    Preparing financial statements is the next step in the accounting cycle. The adjusted trial
    balance is utilized to prepare financial statements and this step is accomplished by the accounting
    managers at EchoStar utilizing Oracle.
    Closing
    Closing is the eighth step in the accounting cycle which involves closing temporary
    accounts by reducing their balances to zero. This step is accomplished by reassigning the income
    statement accounts to the income summary account. EchoStars accounting managers, with input
    from the associate accountants, handle this step.
    Post-closing Trial Balance
    Posting-closing trail balance is the ninth step in the accounting process. The process
    consists of only the asset, liability, and equity accounts (Kieso, Weygandt, & Warfield, p. 116,
    2012). This too is handled be the accounting managers.
    Reversing Entries
    The last step of the accounting cycle is reversing entries. EchoStars accounting managers
    handle this step. A company makes a reversing entry at the beginning of the next accounting
    Running head: ACCOUNTING CYCLE PAPER 5
    period; this entry is the exact opposite of the related adjusting entry made in the previous period
    (Kieso, Weygandt, & Warfield, 2012, p. 116).





















    Running head: ACCOUNTING CYCLE PAPER 6
    References
    Kieso, D.E., Weygandt, J.J., & Warfield, T.D. (2012). Intermediate Accounting (14th ed.).
    Retrieved from The University of Phoenix eBook Collection database.

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