The First Step in the Journalizing Process Is to Identify

question 21

True/False

The first step in the journalizing process is to identify the transaction and its data.

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Definitions:

Stop Payment

A stop payment is a request made to a bank to not pay out on a check or payment that has been issued but not yet cashed.

Cheque

A written, dated, and signed instrument that directs a bank to pay a specific amount of money to the bearer.

Notice

A formal declaration or announcement, often legally required, to inform or warn of a particular action or condition.

Privity of Contract

The relationship that exists between the parties involved in a contract, giving them the ability to sue each other but not allowing a third party to do so.