Chpt 3. 1. Indicate how a journal is used in the recording Process. 1.Analyze each transaction in terms of its effectiveness on the accounts. Please continue. 2.Explain how a ledger and posting help in the recording process. 1.A general ledger contains all the assets, liabilities ,please continue. 3.What is the Basic Accounting Equation. Asset=Liabilities+......... 4.What is a trial balance and what is its limitations. CHAPTER 4. 1.Explain the Revenue Recognition Principle and the Expense Recognition Principle. Expense Recognition principle is .continue. 2. Why is there need for adjusting entries. 1.Adjusting entries are required every time a company prepares financial statements. Please continue