Asked by
Divya Relangi
on Nov 14, 2024
Verified
Transactions are entered in the ledger accounts and then transferred to journals.
Ledger Accounts
Records that summarize the transactions related to a particular item over a period, creating a record of each financial transaction that takes place.
Transferred
The act of moving assets, funds, or rights from one account, location, or ownership to another.
Journals
Recorded chronological entries that detail all the financial transactions of a business, used as the initial place of record.
- Acquire an understanding of the progression for recording transactions, which includes analysis and subsequently entering them into journals and ledgers.
Verified Answer
SC
Learning Objectives
- Acquire an understanding of the progression for recording transactions, which includes analysis and subsequently entering them into journals and ledgers.