Chapter 2, Problem 2.3BE

To determine

Accounting Cycle:

Accounting cycle refers to the process of recording a business transaction in the books of accounts. This cycle concludes when the financial statements are prepared.

T-account:

• T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.
• The components of the T-account are as follows:

1. 1. a) The title of the account
   1. b) The left or debit side
   1. c) The right or credit side

To Post: The prepared journal entries to the T-accounts.