Solution Found!
Recording Business Transactions Instructions The six steps for recording a business
Chapter 6, Problem 6-2(choose chapter or problem)
The six steps for recording a business transaction in the general journal are shown below, out of order. In your working papers or on a blank sheet of paper, indicate the proper order of these steps.
A. Amount of the credit
B. Name of the account credited
C. Source document reference
D. Date of the transaction
E. Amount of the debit
F. Name of the account debited
Questions & Answers
QUESTION:
The six steps for recording a business transaction in the general journal are shown below, out of order. In your working papers or on a blank sheet of paper, indicate the proper order of these steps.
A. Amount of the credit
B. Name of the account credited
C. Source document reference
D. Date of the transaction
E. Amount of the debit
F. Name of the account debited
ANSWER:Step 1 of 3
The business transaction is referred to as an event that is recorded in the books of the organization. At least two accounts are affected by a business transaction, where one is debited, and another is credited in the general journal.