True/False
A transaction is recorded in the journal before it is recorded in the ledger
Yes
What is a journal often refered to as?
Book of original entry
What kind of journal is most commonly used?
General Journal
What is an opening entry?
Journal entry that sets up the financial position from the balance sheet.
What is a sales invoice?
A sale of goods or services on account.
What is the process of recording transactions?
1. Transactions occur
2. Transactions are recorded in a journal in order by date.
3. Accounting entries are transferred to ledger accounts.