Journalizing a transactions involves ____.
a. preparing a summary of account balances
b. posting the account balances in the chart of accounts
c. recording the data only in the journal
d. calculating the balance in an account using journal entries
Ans: c. recording the data only in the journal
Business
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A) stock-keeping unit B) wholesaler C) retail outlet D) warehouse E) showroom
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A mom and pop gas station near a remote lake popular with anglers is more likely to use a periodic review system than a chain of department stores
Indicate whether the statement is true or false
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