1. Step 1: Resting membrane potential is close to the K+ equilibrium potential due to more open K+ channels than Na+ channels
2. Step 2: Depolarization becomes a positive feedback loop as Na+ entry causes depolarization, opening more voltage-gated Na+ channels
3. Step 3: Rapid depolarization of the membrane potential overshoots, making the membrane positive on the inside and negative on the outside
4. Step 4: Na+ permeability declines as inactivation gates block open Na+ channels
5. Step 5: Voltage-gated K+ channels open, increasing K+ flux out of the cell and repolarizing the membrane
6. Step 6: Afterhyperpolarization occurs as voltage-gated K+ channels close slowly, transiently hyperpolarizing the membrane
7. Step 7: Resting membrane potential is restored