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Courtney GraverAC 107 Ten Steps of the Accounting1)Analyzing and ClassifyIdentifying the transactions from the events is the first step of accounting process. Events areanalyzed to find the impact on the financial position or to be more specific the impacts on theaccounting equation. Documents such as; a receipt, an invoice, a depreciation schedule, and abank statement etc. provides evidence that an economic event has actually occurred.2)Journalizing the TransactionTransactions having an impact on the financial position of a business are recorded in thegeneral journal. In the general journal, the transactions are recorded as a debit and acredit in monetary terms with the date and short description about the cause of theparticular economic event.3)Posting from the Journals to the General LedgerTransactions recorded in the general journal are then posted to the general ledger accounts.The accounts classify accounting data into certain categories and they are recorded in generaljournal entries according to that classification. Depending on the frequency of the