Tom Oslow, a fellow student, is unclear about the basic steps in the recording process. Identify and

Tom Oslow, a fellow student, is unclear about the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.

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Expert Solution

The basic steps in the recording process are:

1. Analyze each transaction. In this step, business documents are exam-ined to determine the effects of the transaction on the accounts.

2. Enter each transaction in a journal. This step is called journalizing and it results in making a chronological record of the transactions.

3. Transfer journal information to ledger accounts. This step is called posting. Posting makes it possible to accumulate the effects of journalized trans¬actions on individual accounts.

Junaid answered 2 months ago

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