Question

What is the last step in the journalizing process?

1) Post the journal entry to the ledger.
2) Record the transaction in the journal.
3) Determine whether each account is increased or decreased by the transaction.
4) Specify each account affected by the transaction and classify each account by type.

Answer 1

The final step in the journalizing process is recording the transaction in the journal with all relevant details before any posting to the ledger.

Step-by-step explanation:

The last step in the journalizing process is to record the transaction in the journal. This includes documenting the date of the transaction, the accounts affected, the amounts to be debited and credited, and a brief description of the transaction. After a transaction is recorded in the journal, the next steps would typically be to post the entry to the ledger, which is not part of the journalizing process itself but is related to the subsequent accounting process.

After recording the transaction in the journal and determining whether each account is increased or decreased, the next step is to specify each account affected by the transaction and classify them by type. Once this is complete, the final step is to post the journal entry to the ledger, which involves transferring the information to the respective accounts in the ledger.