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This video tutorial on the accounting process discusses the three major steps: transaction analysis, recording transactions using the debit credit framework, and summarizing transactions by posting them to T accounts to create a balance sheet. The example provided involves Shelly Webster starting a web design business in December 2015. Key transactions during the month include a shareholder investment, borrowing money from the bank, purchasing equipment, receiving supplies on credit, and signing a contract for web design services. Dealing with credit aspects is important, and tracking these transactions accurately is crucial for financial reporting.