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Review the fint four steps in the accounting cycle and answer the following questions: 1. What is the first step? If the company was a now company, how would it impact this step? The first step in the accounting cycle is to start with - If the company is a new company, the beginning bolances will 1. What is the first step? If the company was a new company, how would it impact this step? 2. In step 2, where are the journal entries recorded? 3. In step 3 , where does the posting process occur? 4. List and describe the purpose of the fourth step