During 2012, Leona Had the Following Transactions: Leona's AGI

question 48

Multiple Choice

During 2012, Leona had the following transactions: Leona's AGI is:

• A)$185,000.
• B)$187,000.
• C)$285,000.
• D)$287,000.
• E)$385,000.

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Definitions:

Journal

A detailed record where all financial transactions of a business are initially recorded before summarizing them into ledgers.

Journalizing

The process of recording transactions in a journal or diary in chronological order before they are posted to ledgers.

Post Reference Notation

A notation in a ledger to indicate the source of each entry, facilitating the traceability and verification of transactions.

Ledger

A book or electronic record used to record all of a company's financial transactions in accounts.