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11-M.2 MASTERY PROBLEM (Review of Chapters 9, 10, and 11), p.
340
Journalizing and posting transactions



Sagot :

Baraq

Journalizing is the systematic filing of transactions in the right journals. Every incident is documented with double-entry is corresponded in an opposite entry as well.

Journalizing transactions

Once one's firm earns or spends money, post the transaction in at least two different accounts – a debit and a credit account. This is called the double-entry method.

Posting transaction is the transferring of the data one has recorded in journaling to ledger accounts

Therefore, the two concepts are as defined above.

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