The First Step in the Journalizing and Posting Process Is

question 81

Multiple Choice

The first step in the journalizing and posting process is to ________.

• A) post the journal entry to the ledger
• B) identify the accounts involved and the account type
• C) decide whether each account increases or decreases
• D) record the transaction in the journal

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Definitions:

Creditor

An entity or person that lends money or extends credit to another party, expecting repayment in the future.

Deposit Agreement

A contract between a customer and a bank setting forth terms and conditions for deposit accounts.

Good Faith

An honest intent to act without taking an unfair advantage over another party, often highlighted in contracts and negotiations.

Ordinary Care

The level of diligence and caution that an average person exercises and is expected to exercise in a specific situation.