Question: Please answer each question briefly Define debits and credits and explain their use in recording business transactions. Identify the basic steps in the recording process.

Please answer each question briefly

Define debits and credits and explain their use in recording business transactions. Identify the basic steps in the recording process. Explain what a journal is and how it helps in the recording process. Explain what a ledger is and how it helps in the recording process. Explain what posting is and how it helps in the recording process. Prepare a trial balance and explain its purpose. Explain the accrual and cash approaches to accounting

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