Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

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Multiple Choice

Recording transactions in a journal is called:

Balancing

Reconciling

Posting

Journalizing

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Verified step by step guidance

Understand the concept of journalizing: Journalizing refers to the process of recording financial transactions in the journal, which is the first step in the accounting cycle.

Recognize the purpose of a journal: A journal is used to document transactions in chronological order, ensuring that all financial activities are accurately recorded.

Differentiate journalizing from other terms: Balancing refers to ensuring that debits equal credits in accounts, reconciling involves matching records to external statements, and posting is transferring journal entries to the ledger.

Learn the steps involved in journalizing: Identify the transaction, determine the accounts affected, decide whether each account is debited or credited, and record the transaction in the journal.

Apply the concept: When asked about recording transactions in a journal, the correct term to use is 'journalizing,' as it specifically refers to this process.