Module 1: Chapter 2: Review Questions Assignment 1. Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts. 2. What is the difference between a note payable and an account payable? 3. List the steps in processing business transactions. 4. What kinds of transactions can be recorded in the general journal? 5. Are debits or credits typically listed in general journal entries? Are the debits or credits indented? 6. Should a transaction be recorded first in a journal or the ledger? Why? 7. What does a bookkeeper prepare a trial balance? 8. Identify the four financial statements of a business. 9. What information is reported in the balance sheet? 10. What information is reported in the income statement