All transactions related to specific accounts, such as cash or inventory, are summarized in the:
A) journal.
B) ledger.
C) trial balance.
D) balance sheet.

Question

Quizplus · Accepted Answer

Transactions related to specific accounts are recorded in the journal and then transferred to the ledger, where they are summarized for each account. The trial balance is a list of all the account balances to check if they are equal, and the balance sheet is a statement of assets, liabilities, and equity at a specific point in time.

All Transactions Related to Specific Accounts, Such as Cash or Inventory