When recording transactions in T-account format, we must add an additional step to the transaction analysis process. Which of the following is the additional step?
A) Determine if the affected accounts are increased or decreased by the transaction.
B) The accounting equation must remain in balance after each transaction.
C) We must have equal debits and credits once the entry is recorded in the accounts.
D) Determine what accounts and elements in the equation are affected by the transaction.
Correct Answer:
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