Asked by Johana Madrid on Jul 13, 2024
Verified
The usual sequence of steps in the recording process is to
A) analyze each transaction, enter the transaction in the journal, and transfer the information to the ledger accounts.
B) analyze each transaction, enter the transaction in the ledger, and transfer the information to the journal.
C) analyze each transaction, enter the transaction in the book of accounts, and transfer the information to the journal.
D) analyze each transaction, enter the transaction in the book of original entry, and transfer the information to the journal.
Recording Process
The systematic method of capturing and documenting financial transactions in the accounting records of an organization.
Journal
A detailed record where all financial transactions of a business are initially recorded, serving as the primary source of accounting data.
Ledger Accounts
Financial records that provide a detailed account of all the transactions related to a particular item over a period.
- Familiarize with the chronological order of operations in the recording process.
Verified Answer
LW
Lemar WhiteJul 19, 2024
Final Answer :
A
Explanation :
The correct sequence in the recording process involves first analyzing each transaction to determine its effect on the accounts, then entering the transaction in the journal (also known as the book of original entry), and finally transferring the information from the journal to the ledger accounts. This process ensures that transactions are recorded systematically and accurately.
Learning Objectives
- Familiarize with the chronological order of operations in the recording process.