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Jim benes is confused about how accounting information flows

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Jim Benes is confused about how accounting information flows through the accounting system. He believes the flow of information is as follows.

(a) Debits and credits posted to the ledger.

(b) Business transaction occurs.

(c) Information entered in the journal.

(d) Financial statements are prepared.

(e) Trial balance is prepared. Is Jim correct? If not, indicate to Jim the proper flow of the information.

Reference no: EM131138498

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