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I have been trying to understand the sequence of operations that happens on nodes participating in the network,when a transaction is initiated in both mining or non-mining nodes.

What is the sequence of operation happens when a transaction is initiated by a node ?

The following links helps a little.

How does the system enforce correct execution of smart contracts?

The following entities needs to be part of the sequence to draw a complete picture how things works. For example; miner,full node,block,global state( address vs nonce) etc

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Taken from this answer to the thread What diagrams exist to illustrate the Ethereum blockchain creation process?.

Behold (and click for big-ness):

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