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Accounting cycle is the cycle to record transactions until the financial statement can go back to the transaction again. There are 7 steps : Transaction -> BOPE (Book of prime entry) -> Ledger -> UATB (Unadjusted trial balance) -> AE (Adjusted entries) -> ATB (Adjusted trial balance) -> Financial Statement -> Transaction [for next month]. Transaction is when you purchase something and get the reciept. After you get the transaction you record the receipt into the book of Prime Entry (BOPE). General Journal have debit and credit side where the 1 transaction has both. After that we put the same transaction with cash into the the General Ledger. Then we put it in Unadjusted Trial Balance (UATB) so amount of cash, expense, and purchases are summarized. In Adjusted Entries (AE) we make adjustments to depreciation, accrued and prepayment, bank reconciliation, control account, and check for errors. After that we put it in Adjusted Trial Balance (ATB) by combining the Adjusted Entries (AE) with the Unadjusted Trial Balance (UATB). Lastly, in the Financial Statement, we make both the income and financial statement.

Book of prime entry consist of cash book, petty cashbook, sales, purchase, sales return, purchase return, and General journal. The golden rule: 1. every transaction related with money or bank is part of cash book or petty cash book. 2. If it’s related to sales put it in sales or sales return. If it’s related to purchase put it in purchase or purchase return. 3. Everything we put it in General Journal. Basic of journaling: assets= liabilities + capital. For every transaction there will always be 2 effects, debit side and credit side. Don’t forget to use the companies point of view not the investors point of view. For general journal there is two options. Initial transaction and ordinary transaction. Initial transaction is when the investor wants to invest in a company. Ordinary transaction(daily transaction) consist of transaction with two row journal and transaction with three row journal.

1. Accounting Cycle is the cycle to record the transaction until the financial statement and going back to the transaction again 2. The journey starts from Transaction, BOPE (Book of Prime Entry), Ledger, UATB (Unadjusted Trial Balance), AE (Adjusted Entries), ATB (Adjusted Trial Balance), and in ATB we can make it to the final step which is Financial Statement. This journey repeats every month starting from transaction and closing with financial statement at the end of the month. 3. Transaction is when we buy or purchase something, and we get the receipt. We then record the receipt into the Book of Prime Entry (BOPE) 4. Book of Prime Entry -> General Journal. In General Journal, it has a debit and credit side where one transaction has 2 effects - one for the debit side and one for the credit side. 5. The summarization of every account is put in the Unadjusted Trial Balance (UATB), for example: account of expense, account of cash, account of purchases. UATB is where we put the total, deduction, etc of everything where we put on the debit or credit side 6. We then move on to Adjusted Entry (AE) which is the adjustment of depreciation, accrued of prepayment, bank reconciliation, control account, and errors. 7. ATB is the combination of AE and UATB 8. Financial Statement: making of Income Statement and Financial Statement

Book of Prime Entry is part of basic accounting. There are 7 different types of Book of Prime Entry. Those are cash book, petty cash, sales journal, sales return journal, purchase journal, purchase return journal, and general journal. The Golden Rule said that every transaction related to money or bank have to be putted either in cash book or petty cash book (for small amount of money). If the transaction related to sales, we put them in either sales or sales return. On the other hand, if the transaction related to purchase, we put them in either purchase or purchase return. The others will be putted in general journal. To learn about basic journaling, we have to learn about accounting equation. Accounting equation is assets equal to the sum of liabilities and capital. Capital is the money we owe to the investor. There is also a term called the Duality Concept where 1 transaction can make 2 effects (debit side and credit side). We have to look from the company’s point of view and NOT from the investor’s point of view. It means that everything that comes to the company have to be putted in credit side and everything that goes out from the company have to be putted in debit side. There is two transactions in General Journal, which are Initial Transaction (when the investor want to open the new company) and Ordinary Transaction (we do it everyday in form of two row journal and three row journal).

What is the accounting cycle? its a cycle where we record a transaction until the financial statement and go back to transaction. There are 7 steps in the accounting cycle. 1. transaction 2. BOPE 3. Ledger 4. UATB 5. AE 6. ATB 7. Financial statement. Firstly transaction is when we buy/purchase something and get a receipt is called a transaction. Secondly, in BOPE or you can call it as book of prime entry is where you record your receipt in. There are 7 BOPE but one of the ones were going to learn is the general journal. The general journal have a debit side and credit side so there are 2 effects in a transaction, one is debit side and one in the credit side. Thirdly, we have ledger it is where we put the data we have from the general journal into the general ledger. general ledger is basically a cash account. Next, is the UATB (unadjusted trial balance) it is where we put the summary of every account so, the amount of expenses, cash, and purchases we summarize and input it in the UATB. After that is the AE (adjusted entries) includes depreciation, accrued and prepayment, bank reconciliation, control account, and error. Next, is the ATB (adjusted trial balance) is the AE + UATB. Lastly, financial statement is the report we make of the income statement and financial statement.

Accounting cycle is the cycle to record the transaction until the financial statement and go back to transaction again. The journey starts from Transaction - BOPE (Books of Prime Entry) - Ledger - UATB (Unadjusted Trial Balance) - AE (Adjusted Entries) - ATB (Adjusted Trial Balance) - Financial Statement. The financial statement will go back to the transaction for next month since the cycle goes in a month. First, transaction is when we buy or purchase something and we got the receipt. Second, BOPE (Books of Prime Entry) is when we record the receipt we have. We will discuss about General Journal in BOPE. General Journal has debit side and credit side which means that one transaction has its own debit side and credit side. Third, we put the same transaction into the General Ledger and Ledger is basically Cash Account. Fourth, we put the summarize of every account in UATB (Unadjusted Trial Balance). So, account of expense, account of cash, and account of purchases are putted into the UATB. Fifth, AE (Adjusted Entries) means adjustment in depreciation, accrued and prepayment, bank reconciliation, control account, and error. Sixth, ATB (Adjusted Trial Balance) is when we combine the AE and UATB. Last, Financial Statement is when we make the Income Statement and the Statement of Financial Position.

There are 7 steps to accounting cycle. 1. Transaction: transaction is when there is an instance of buying or selling something. 2. BOPE(book of prime entry) /general journal: one transaction has 2 affects debit and credit. 3. Ledger: Put the debit transactions in the debit side and the credit transactions in the credit side. 4. UATB(unadjusted trial balance): to summarize put the all of the transactions into the UATB such as amount of cash and amount of purchases. 5. AE: adjust because all sorts of things such as: Depreciation, error, and bank Reconcillation. 6. ATB: adjust all errors. 7. Make the Financial statement and Income statement.

Accounting cycle is a 7 step process to record transactions until financial statements and again. Transactions -> BOPE -> Ledger -> UATB -> AE -> ATB -> Financial Statements. Transactions is the receipt when you buy something. Second step is Book of prime entry, you record the transactions into BOPE. We use the general journal type of BOPE, it has two sides debit and credit. Next step is Ledger, put the general journal data into the general ledger. Next step is Unadjusted trial balance it is the summary of financial data. Put all transactions and cash into the UATB. Next is Adjusted entries; an adjustment in depreciation, accrued and prepayment, bank reconciliation, control account, error. Then the next step is ATB, the AE plus UATB. Last step is financial statement, we make the income statement and financial statement.