Learn about the eight steps in the accounting cycle and why each one is important. ... Step 2: Recording Journal Entries . After a transaction is identified, a record of it needs to be created.

The first two steps of the cycle deal with collecting, analyzing and recording the data so the company is prepared should a customer or client inquire about a specific transaction.

Please use one of the following formats to cite this article in your essay, paper or report: APA. Yokoyama, Maho. (2021, April 25). The Urea Cycle Step by Step.