The first step in recording a transaction in the journal is:
A)determining whether each account is increased or decreased by the transaction.
B)copying the information from the journal to the ledger.
C)entering the debit side of the journal entry on the left margin and the credit side,which is indented to the right.
D)specifying each account affected by the transaction and classifying the account by type.

Question

Quizplus · Accepted Answer

The first step in recording a transaction in the journal is to specify each account affected by the transaction and classify the account by type. This helps in understanding the nature of the transaction and ensures accuracy in recording it in the journal. A, B, and C are not the first steps in recording a transaction in the journal.

The First Step in Recording a Transaction in the Journal