Accountants First Record Transactions in A

question 108

Multiple Choice

Accountants first record transactions in a:

• A)chart of accounts.
• B)trial balance.
• C)journal.
• D)ledger.

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Definitions:

Interest Expense

The cost incurred by an entity for borrowed funds, including loans, bonds, or lines of credit, which is charged as an expense on the income statement.

Utility Bill

A regular invoice for essential services such as electricity, water, gas, or telecommunications provided to individuals or businesses.

Journal Entries

The record of financial transactions as they occur, detailing the accounts that are affected and in what way.

Receipt

A document acknowledging that a payment has been made or that goods have been received.