Match the Basic Step in the Recording Process Described by Each

Short Answer

Match the basic step in the recording process described by each of the following statements.
A. Analyze each transaction
B. Enter each transaction in a journal
C. Transfer journal information to ledger accounts
____ 1. This step is called posting.
____ 2. Business documents are examined to determine the effects of transactions on the accounts.
____ 3. This step is called journalizing.
Solution 175