Journalizing a transaction involves ________.
A) calculating the balance in an account using journal entries
B) posting the account balances in the chart of accounts
C) preparing a summary of account balances
D) recording the data only in the journal

Question

Quizplus · Accepted Answer

Journalizing a transaction involves recording the data only in the journal. Journalizing involves making a chronological record of all transactions in a journal before posting them to the appropriate accounts in the ledger. It is the first step in the accounting process and provides a complete record of all business transactions.

Journalizing a Transaction Involves ________