PRACTICE TOPIC
Accounting Cycle
Practice Accounting Cycle with 23 accounting challenges on Accountely — instant IAS/IFRS-compliant scored feedback on every submission.
What accounting cycle covers
The accounting cycle is the sequence that turns raw transactions into financial statements: analyse the transaction, journalise, post to the ledger, prepare an unadjusted trial balance, make adjusting entries, prepare an adjusted trial balance, produce the statements, then close the temporary accounts. Each step feeds the next, so an error early on propagates all the way to the statements.
Challenges here walk individual steps and full end-to-end cycles, so you can see how one posting error surfaces later as an out-of-balance trial balance.
Where marks are usually lost
- Closing permanent accounts — only revenue, expense and drawings/dividends accounts are closed.
- Preparing statements from the unadjusted trial balance instead of the adjusted one.
- Posting to the ledger without keeping the debit and credit sides equal.
23 Accounting Cycle practice challenges
TitleTypeDifficulty
Willow Creek Consulting — Your First Journal Entries JournaleasyMaple Street Bakery — Posting to the Cash Account LedgereasyRamirez Trading Co. — Cash Account (Running Balance) LedgermediumKingfisher Services - The Accounting Cycle: Journal, Ledger and Trial Balance Multi-StatementmediumBluestone Traders - Merchandising Cycle: Journal, Ledgers and Trial Balance Multi-StatementhardSunrise Cleaning Services — Your First Trial Balance Trial BalanceeasyHarbor Cafe Ltd. — Your First Statement of Financial Position Balance SheeteasySilverbirch Studio - First Month: Journal and T-Accounts Multi-StatementmediumWinterhaven Services - Closing Entries and the Post-Closing Trial Balance Multi-StatementmediumFenwick Hardware Store — First Month of Trading (T-Accounts) LedgerhardOakmont Auto Repair - Preparing the Trial Balance (US GAAP) US GAAPTrial BalanceeasyJuniper Design Studio — A Service Company Income Statement Income StmteasyBeaumont Wholesale - Periodic System: Journal, Cash Ledger and Trial Balance Multi-StatementmediumWeston & Co - Preparing a Corrected Trial Balance Trial BalancemediumWexford Consulting - Adjusted Trial Balance (IFRS) Trial BalanceeasyOakview Tutoring — The Cash T-Account LedgereasyMarlowe Consulting - Preparing the Trial Balance (IFRS) Trial BalanceeasyLarkfield Consulting — A Classified Statement of Financial Position Balance SheeteasyOakhaven Rentals - The Cash Ledger Account (IFRS) LedgereasyGlenwood Traders - Preparing the Trial Balance (IFRS) Trial BalanceeasyHollybrook Dental — The Accounts Receivable Ledger Account LedgereasyPinecrest Auto - Preparing the Trial Balance (US GAAP) US GAAPTrial BalanceeasyMeadowlane Pet Grooming — Trial Balance at May 31, 2025 Trial Balanceeasy