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Explain the steps(in sequence form)involved in the accounting cycle.

The 8 steps in an accounting cycle are
Record transactions in journal.
Post transactions to ledger accounts.
Prepare adjusting entries at end of fiscal period and post to ledger accounts.
Prepare summary of account balances.
Prepare income statement from revenue and expense account balances.
Close revenue and expense accounts to Retained Earnings.
Prepare post-closing summary of account balances.
Prepare balance sheet and statement of cash flows.
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