Jeremy Oslo, 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.

BE3-8 Norris Corporation has the following transactions during August of the current year. Indicate

(a) the basic analysis and

(b) the debit-credit analysis illustrated on pages 119-124.

Aug. 1 Issues shares of common stock to investors in exchange for $5,000.

4 Pays insurance in advance for 3 months, $1,500.

16 Receives $900 from clients for services rendered. 27. Pays the secretary $500 salary.