Asked by Jorge Ortez on Jun 25, 2024
Verified
After transaction information has been recorded in the journal, it is transferred to the
A) chart of accounts.
B) statement of income.
C) book of original entry.
D) ledger.
Journal
A record where all financial transactions of a business are initially noted before they are transferred to ledger accounts.
Ledger
A comprehensive collection of a company's accounts, documenting all transactions and financial results.
Chart of Accounts
An organized list of all accounts in the general ledger of a company, each with a unique account number, used for recording transactions and preparing financial statements.
- Comprehend the method and aim of transferring transaction information into ledger accounts.
Verified Answer
KR
komal RawlaniJun 29, 2024
Final Answer :
D
Explanation :
After transaction information is recorded in the journal, it is transferred to the ledger. The ledger is where transactions are organized by account, allowing for the preparation of financial statements.
Learning Objectives
- Comprehend the method and aim of transferring transaction information into ledger accounts.