Step 1: Mix ingredients
Step 2: Roll dough
Turn out dough onto a lightly floured surface. Use a generously floured rolling pin to roll dough to 1/2-inch thickness.
Step 3: Cut doughnuts
Cut dough with a floured 2-1/2-inch round cutter. Use a 1-1/4-inch round cutter to cut the hole for the doughnut. (Or you can use a standard doughnut cutter.)
Tip: Dip the doughnut cutter in flour between cuts to keep the dough from sticking.
Step 4: Fry doughnuts
Fry two or three doughnuts at a time in a deep saucepan filled 1/3 full with hot oil (375 degrees F) for 2 to 3 minutes or until doughnuts are golden brown, turning once. Remove doughnuts with a slotted spoon so excess oil drains back into the pan. Drain doughnuts on paper towels. Repeat with remaining dough.
Step 5: Ice or glaze doughnuts
Cool doughnuts slightly. Coat them with powdered sugar or granulated sugar. Or, if desired, dip tops in glaze or icing. Allow doughnuts to dry on a rack.
Step 6: Decorate doughnuts
If desired, dress up glazed doughnuts with colorful sprinkles or chopped peanuts. Or, instead of adding icing, simply roll doughnuts in powdered or granulated sugar. For a spiced variation, include a dash of cinnamon with the granulated sugar.