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Olivia Alexander
on Nov 14, 2024

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Each transaction must be analyzed in terms of its effect on the accounts before it can be recorded in a journal.

Analyzed

Subjecting data, information, or a situation to detailed examination to understand it better or to derive insights.

Journal

A detailed record where all financial transactions of a business are initially recorded before being transferred to accounts in the ledger.

Accounts

Financial records that track transactions related to a specific asset, liability, equity, revenue, or expense category.

  • Comprehend the order of documenting transactions, starting from their analysis to their notation in journals and ledgers.
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Marita McLordNov 15, 2024
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