Before preparing the balance sheet and income statement, an accountant would use what accounting record to first record the firm's transactions?
A)the trial balance
B)the adjusting entry
C)the general ledger
D)the journal
E)the subsidiary ledger

Question

Quizplus · Accepted Answer

The journal is used to record all transactions in chronological order before they are posted to the general ledger. It serves as the initial accounting record for the firm's transactions.

Before Preparing the Balance Sheet and Income Statement, an Accountant