1.Shea Jonas, a fellow student, is unclear about the basic steps in the recording process. Identify the steps in the order in which they occur.

1.	Transfer journal information to ledger accountsAnalyze each transactionEnter each transaction in a journal
2.	Transfer journal information to ledger accountsEnter each transaction in a journalAnalyze each transaction
3.	Enter each transaction in a journalAnalyze each transactionTransfer journal information to ledger accounts

2.An inexperienced bookkeeper prepared the following trial balance.

LILY COMPANY Trial Balance December 31, 2020
		Debit		Credit
Cash		$12,700
Prepaid Insurance				$4,400
Accounts Payable				5,800
Unearned Service Revenue		5,000
Owners Capital				10,900
Owners Drawings				7,300
Service Revenue				27,500
Salaries and Wages Expense		20,500
Rent Expense				4,300
		$38,200		$60,200

Prepare a correct trial balance, assuming all account balances are normal.

LILY COMPANY Trial Balance For the Quarter Ended December 31, 2020December 31, 2020For the Year Ended December 31, 2020
	Debit		Credit
	$		$
Totals	$		$