['Step 1: Identify Transactions. ... ', 'Step 2: Record Transactions in a Journal. ... ', 'Step 3: Posting. ... ', 'Step 4: Unadjusted Trial Balance. ... ', 'Step 5: Worksheet. ... ', 'Step 6: Adjusting Journal Entries. ... ', 'Step 7: Financial Statements. ... ', 'Step 8: Closing the Books.']