Asked by Josie Pagnucco on Jul 18, 2024
Verified
The usual sequence of steps in the recording process is to analyze each transaction enter the transaction in the
A) journal and transfer the information to the ledger accounts.
B) ledger and transfer the information to the journal.
C) book of accounts and transfer the information to the journal.
D) book of original entry and transfer the information to the journal.
Recording Process
The systematic method of capturing, documenting, and maintaining financial transactions and events in the accounting records of an organization.
Ledger Accounts
Individual accounts within the ledger that record transactions related to a company's assets, liabilities, equity, revenue, and expenses.
Journal
A detailed record where all financial transactions of a business are initially recorded before being transferred to the accounts in the general ledger.
- Comprehend the key steps involved in the process of recording accounting transactions, including the creation of journal entries, transferring information to ledgers, and preparing trial balances.
Verified Answer
AS
Anshika SrivastavaJul 20, 2024
Final Answer :
A
Explanation :
The correct sequence in the recording process is to first analyze each transaction, then enter the transaction in the journal (also known as the book of original entry), and finally transfer the information to the ledger accounts. The ledger accounts compile all transactions related to a specific account in one place.
Learning Objectives
- Comprehend the key steps involved in the process of recording accounting transactions, including the creation of journal entries, transferring information to ledgers, and preparing trial balances.