The First Step in Recording a Transaction in the Journal

question 172

Multiple Choice

The first step in recording a transaction in the journal is:

• A)determining whether each account is increased or decreased by the transaction.
• B)copying the information from the journal to the ledger.
• C)entering the debit side of the journal entry on the left margin and the credit side,which is indented to the right.
• D)specifying each account affected by the transaction and classifying the account by type.

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Definitions:

Collection Point

A designated location where goods are gathered or aggregated from various sources, typically for further distribution or processing.

Load

The total demand for power or the amount of work assigned to a particular machine, system, or network over a specific period.

Coordinates

Represents a set of numerical values that specify the location of a point in a space, usually defined by latitude and longitude or by Cartesian x, y, z axis values.

Cost of Land

The expense associated with purchasing land for use or development. This cost can include the initial purchase price as well as additional fees and taxes.