The worksheet is merely a device used to make it easier to prepare adjusting entries and the financial statements. The fishing camp is open from April through September and attracts many famous college basketball coaches during the off season. Basic Accounting The Accounting Cycle Explained . The accounting cycle is a series of steps starting with recording business transactions and leading up to the preparation of financial statementsThis financial process demonstrates the purpose of financial accountingto create useful financial information in the form of general-purpose financial statementsIn other words the sole purpose of recording. Record each transaction in the journal. 19 Clueless Comprehensive Problem 1: The Accounting Cycle Trial Balance Worksheet for Android . Guests typically register for one week arriving on Sunday afternoon and returning home the following Saturday afternoon. The final debit or credit balance in each account is transferred to the adjusted trial bal...