The Third Step in Recording a Transaction in the General

question 87

Multiple Choice

The third step in recording a transaction in the general journal is to record the:

• A)explanation of the entry.
• B)account(s)to be credited and the amount(s).
• C)date of the entry.
• D)account(s)to be debited and the amount(s).

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Definitions:

Ponzi Scheme

A fraudulent investment scam promising high rates of return with little risk to investors, which generates returns for older investors through new investors' capital rather than legitimate profit.

Personal Property

Movable property not attached to real estate, such as vehicles, furniture, and jewelry.

Robbery

The act of taking someone's property through force or threat of force.

Criminal Fraud

Illegally deceiving another for personal or financial gain, considered a criminal offense.