Please answer in your own words.

1) List the basic steps in the recording process

2) What’s a journal and how does it contribute in the recording process

3) What’s a ledger and how does it help in the recording process

4) What’s a simple entry?

5) What’s a compound entry?

6) What is the normal balance for the assets, owner’s drawings and expenses accounts

7) What is the normal balance for the liabilities, owner’s capital and revenues accounts