1.Debits and credits are used in accounting to record financial transactions. Debit entries are written to the left side and credit entries to the right side. Trial balance is an internal statement of accounting data that lists the balances of all accounts in the general ledger. General Ledger is a record of the company's financial transactions over time. Normal balance is the amount due on the account. Owner's Equity denotes a company's net worth which is calculated by subtracting total liabilities from total assets. This affects the accounting process by providing a systematic approach to document and calculate cost of goods and services sold, accounts receivable, as well as taxes information