Identify and explain steps in recording process. BE2.4 (LO2), C Evan Saunders, a fellow student, is unclear about the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur. Indicate basic and debit-credit analysis. BE2.5 (LO 2), C Bombeck Inc. has the following transactions during August of the current year. Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis (as illustrated in the chapter). Aug. 1 Opens an office as a financial advisor, investing $5,000 in cash in exchange for common stock. 4 Pays insurance in advance for 6 months, $1,800 cash. 16 Receives $1,900 from clients for services performed. 27 Pays secretary $1,000 salary. Journalize transactions. BE2.6 (LO 2), AP Bombeck Inc. has the following transactions during August of the current year. Journalize the transactions. (You may omit explanations.) Aug. 1 Opens an office as a financial advisor, investing $5,000 in cash in exchange for common stock. 4 Pays insurance in advance for 6 months, $1,800 cash. 16 Receives $1,900 from clients for services performed. 27 Pays secretary $1,000 salary