The chronological record of each complete transaction that has occurred is called the:
A)Account balance.
B)Ledger.
C)Journal.
D)Trial balance.
E)Cash account.

Question

Quizplus · Accepted Answer

The chronological record of each complete transaction is called the journal, which is considered the book of original entry. It is where transactions are recorded in order of occurrence before they are posted to the ledger. The ledger, on the other hand, is a summary of all transactions relating to a particular account, showing the account balance. The trial balance is a summary of all the account balances at a particular point in time, while the cash account is a specific account used to track cash transactions.

The Chronological Record of Each Complete Transaction That Has Occurred