Please answer in your own words.

1) List the basic steps in the recording process

2) Whats a journal and how does it contribute in the recording process

3) Whats a ledger and how does it help in the recording process

4) Whats a simple entry?

5) Whats a compound entry?

6) What is the normal balance for the assets, owners drawings and expenses accounts

7) What is the normal balance for the liabilities, owners capital and revenues accounts