What is the first step in the journalizing process?
A)Record the transaction in the journal.
B)Post the transaction to the ledger.
C)Determine whether each account is increased or decreased by the transaction.
D)Specify each account affected by the transaction and classify each account by type.

Question

Quizplus · Accepted Answer

The first step in the journalizing process is to specify each account affected by the transaction and classify each account by type. It is important to identify the accounts and their types (assets, liabilities, equity, revenues, or expenses) to ensure accurate recording in the journal and posting to the ledger.

What Is the First Step in the Journalizing Process