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1. Recording business transactions requires (a) entering transactions in the general journal and (b) posting of journal entries to the general ledger. Which step requires

1. Recording business transactions requires (a) entering transactions in the general journal and (b) posting of journal entries to the general ledger. Which step requires a greater understanding of accounting principles and why?

2. Whats the difference between the trial balance and the balance sheet? Discuss the purpose of the trial balance and the purpose of the balance sheet in your answer.

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