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nses incurred but not yet recorded) Deferrals (cash received or paid before revenue or expense recognition) Estimated entries (e.g., depreciation) The Accounting Cycle Steps Analyze transactions Record journal entries Post to ledger Prepar

ifferent account types The impact of transactions on financial statements Smart Approach: Use mnemonic devices to remember debits and credits rules. Practice journal entries regularly until they become second nature. Journal Entries and the Ledger These are the prima