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Mathew Larrison
on Nov 15, 2024

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Business transactions are first recorded in the:

A) ledger.
B) journal.
C) trial balance.
D) interim statement.

Business Transactions

Economic events that are recorded in the financial statements of an entity because they affect the financial position of the company, involving the transfer of value between two or more parties.

Journal

A chronological record of all financial transactions, used to transfer information to a company's ledger.

Ledger

A book or collection of financial accounts of a particular type, often referred to as the final book of entry where transactions are summarized.

  • Comprehend the function of the general journal as the primary record of transactions.
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Ashley CheneyNov 21, 2024
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