The first entry of a transaction takes place in which of the following:
A)The journal
B)The chart of accounts
C)The general ledger
D)The trial balance
E)The balance sheet

Question

Quizplus · Accepted Answer

The first entry of a transaction takes place in the journal. A journal entry is made recording the transaction as a debit and a credit.
Key Takeaway: A journal entry is the first entry of a transaction in any accounting system. The journal entry consists of a debit entry and corresponding credit entry. These entries are then posted to the general ledger. The posting can occur as each transaction is input, but normally the posting occurs with a batch of journal entries. The general ledger contains the "T" accounts that illustrate the debit and credits to an account.

The First Entry of a Transaction Takes Place in Which