Listed below are all the steps in the accounting cycle
a. record and post adjusting entries.
b. post the transaction to the t-account in the general ledger.
c. record the transaction.
d. prepare financial statements (income statement, statement of stockholders' equity, balance sheet, and statement of cash flows).
e. record and post closing entries.
f. prepare a trial balance.
g. analyze the impact of the transaction on the accounting equation.
h. assess whether the transaction results in a debit or a credit to the account balance.
i. use source documents to identify accounts affected by external transactions.

Consider the market for gas-powered small cars. assume gas-powered small cars are a normal good. for each of the following events, identify which of the determinants of demand or supply are affected. if demand is unaffected by this event because it creates only a supply change, select the “none” option under the “demand determinant” column. similarly, if supply is unaffected by this event because it creates only a demand change, select the “none” option under the “supply determinant” column. event demand determinant supply determinant people decide to have more children. the price of electric small cars falls. the discovery of a new source of iron ore lowers steel prices. an economic recession lowers people’s wealth. a number of major car dealers decide to switch from selling gas-powered cars to selling electric cars. show the effect of the following event on the market for gas-powered small cars: people decide to have more children for each of the four independent situations, prepare the journal entries to record the exchange on the books of each company.