Which of the Following Is the Last Step of Journalizing

question 157

Multiple Choice

Which of the following is the last step of journalizing an entry?

• A) Post the accounts to the ledger.
• B) Identify each account affected and its type.
• C) Record the transaction in the journal, including a brief explanation.
• D) Determine whether each account has increased or decreased.

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Definitions:

Voluntary Dissociation

The act of a member choosing to leave a partnership or business entity according to the agreement terms or state law.

Dissolution of Partnership

The dissolution of partnership refers to the process of terminating the legal relationship between partners and winding up a partnership's business activities.

Partners' Consent

Agreement or approval from all partners in a partnership agreement before certain actions can be undertaken.

Rights of Dissociated Partner

Legal entitlements that a partner retains after leaving a partnership, which may include a share of the profits or assets.