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18 September, 17:31

What's the accounting recording process for transactions? Group of answer choices

1. Transfer journal information to ledger accounts, enter transaction in a journal, analyze

2. the transaction Enter transaction in a journal, transfer journal information to ledger accounts, analyze

3. the transaction Analyze the transaction, enter transaction in a journal, transfer journal information to ledger accounts.

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Answers (1)
  1. 18 September, 17:59
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    3. The transaction Analyze the transaction, enter transaction in a journal, transfer journal information to ledger accounts.

    Explanation:

    According to accounting recording process for transactions the sequence is as follows:

    1. Prepare Transaction

    2. Analyze the the transaction

    3. Enter the transaction in the journal

    4. Transfer it to ledger accounts

    5. Prepare trial balance

    6. Prepare financial statements

    So the option 3 is correct.
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