A __________ is a book in which business transactions are recorded. a. journal b. ledger c. trial balance d. balance sheet

Question

Want to see more full solutions like this?

Answer 1

Textbook Question

Chapter 3, Problem 1QY

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

a. journal
b. ledger
c. trial balance
d. balance sheet

Expert Solution & Answer

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Th e collection of all business transactions sorted by account in an accounting system is referred to as: C . a general journal.

Answer 2

Textbook Question

Chapter 3, Problem 1QY

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

a. journal
b. ledger
c. trial balance
d. balance sheet

Expert Solution & Answer

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 3, Problem 1QY

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

a. journal
b. ledger
c. trial balance
d. balance sheet

Expert Solution & Answer

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 3, Problem 1QY

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

a. journal
b. ledger
c. trial balance
d. balance sheet

Expert Solution & Answer

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

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.

Answer 8

Expert Solution & Answer

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.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

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

Answer 12

Answer to Problem 1QY

Option (a)

Answer 13

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.