Business transactions are first recorded in the
A) ledger.
B) journal.
C) T account.
D) balance sheet.

Question

Quizplus · Accepted Answer

Business transactions are initially recorded in a journal, which is a chronological record of all financial transactions. The information from the journal is then transferred to the ledger, which summarizes and categorizes the transactions into specific accounts. T accounts and balance sheets are not used to record transactions, but rather to present financial information in a structured format.

Business Transactions Are First Recorded in the