Please answer the following 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. Whats is posting is and how does it help in the recording process

7. What s a trial balance and its purpose

8. What are the limitations of a trial balance

9. What is the normal balance for the assets, owners drawings and expenses accounts

10. What is the normal balance for the liabilities, owners capital and revenues accounts