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Answer: A B C D E F G

Debit 4 7 14 11 10 1 4

Credit 12 1 4 4 4 4 3

Difficulty: 3 Hard Topic: Analyzing Transactions Learning Objective: 02-A1 Analyze the impact of transactions on accounts and financial statements. Bloom's: Apply AACSB/Accessibility: Analytical Thinking / Keyboard Navigation AICPA: BB Industry; FN Measurement 189) List the steps in processing transactions. Answer: Business transactions and events are the starting point. Source documents are analyzed for the effects of the transactions and events on the accounting records. The information is recorded into the journal. The information is then posted to the accounts and a trial balance is prepared from the ledger balances. The final step is the preparation of financial statements for decision makers. Difficulty: 2 Medium Topic: Analyzing and Recording Process Learning Objective: 02-C1 Explain the steps in processing transactions and the role of source documents. Bloom's: Understand AACSB/Accessibility: Communications / Keyboard Navigation AICPA: BB Industry; FN Decision Making

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