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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Transferring information from the journal to the ledger is called

  1. a. preparing the financial statements.
  2. b. journalizing.
  3. c. posting.
  4. d. tracking.

To determine

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

Explanation

Posting transactions: The process of transferring the journalized transactions into the accounts of the ledger is known as posting the transactions.

Justification for correct answer: When a business transaction occurs, it is first recorded in a journal. The recorded transactions are transferred to ledger accounts. This process is called posting transactions. Hence, option (c) is correct...

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