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accounting equation. the amount of the debits must equal the amount of the credits. Question 13 The usual sequence of steps in the transaction recording process is journalize, analyze, post to the ledger. post to the ledger, journalize, analyze. analyze, journalize, post to the ledger. journalize, post to the ledger, analyze. Question 14 Under the expense recognition principle expenses are recognized when they contribute to the production of revenue. they are billed by the supplier. they are paid. the invoice is received. Question 15 The revenue recognition principle dictates that revenue should be recognized in the accounting records: