BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter 3, Problem 1QY
Textbook Problem

A __________ is a book in which business transactions are recorded.

  1. a. journal
  2. b. ledger
  3. c. trial balance
  4. d. balance sheet

Expert Solution
To determine

Find the option that indicates the correct term for the given explanation.

Answer to Problem 1QY

Option (a)

Explanation of Solution

Journal: Journal is a book in which economic events that can be measured in monetary terms are recorded chronologically and systematically.

Justification for correct answer: Journal is a book in which business transactions that can be measured in monetary terms are recorded. Hence, option (a) is correct.

Justification for incorrect answers:

  • Option (b) is incorrect because ledger is a book in which the accounts are summarized and grouped from the transactions recorded in the journal.
  • Option (c) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.
  • Option (d) is incorrect because balance sheet reports a company’s resources (assets) and claims of creditors (liabilities) and owners (owners’ equity) over those resources.
Conclusion

Therefore, option (a) is correct answer.

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College Accounting (Book Only): A Career Approach

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