Before preparing the balance sheet and income statement, an accountant would use what accounting record to first record the firm's transactions?
A)the trial balance
B)the adjusting entry
C)the general ledger
D)the subsidiary ledger
E)the journal

Question

Quizplus · Accepted Answer

The first accounting record used to record a firm's transactions is the journal. It is where all the transactions are initially recorded before being transferred to the general ledger and eventually used to prepare the financial statements.

Before Preparing the Balance Sheet and Income Statement, an Accountant