Each transaction of a business is initially recorded in a
A) chart of accounts.
B) general journal.
C) general ledger.
D) set of financial statements.
E) none of the above

Question

Quizplus · Accepted Answer

The general journal is the initial book where each transaction of a business is first recorded, using a process called journalizing. This record includes the date of the transaction, the accounts affected, the amounts to be debited or credited, and a brief description of the transaction.

Each Transaction of a Business Is Initially Recorded in a