Asked by
Dulce Campos
on Nov 12, 2024
Verified
The process of initially recording a business transaction is called
A) closing
B) posting
C) journalizing
D) balancing
Journalizing
The process of recording transactions in the journal in chronological order, marking the first step in the accounting cycle.
Posting
The process of transferring journal entries to their respective accounts in the ledger.
Balancing
The act of ensuring that two sets of records (usually the credits and debits in an account) are in agreement.
- Understand the methods for documenting transactions in ledgers.
Verified Answer
IM
Learning Objectives
- Understand the methods for documenting transactions in ledgers.