Question 1 *) In the process of recording accounting transactions, what is the difference between the general journal and the general ledger? 13 marks) Answer b) For each of the transactions identified below, state how the asset, liability and/or equity accounts increase or decrease. Name the account and indicate whether it would be recorded as a Debit or Credit. (15 Marks) ASSETS Eg. Owner contributes Increase. 55000 cash to the Debit Cash LIABILITIES EQUITY Increase Credit Contributed F4 0+ F5 F6 F7 F8 O- ODO F9 F10 F11 F12