A __________ is a day-by-day, or chronological, record of transactions
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A. B. C. D.B
The correct answer is B. Journal.
A journal is a book or computer program used to keep a day-by-day, or chronological, record of transactions. In accounting, a transaction refers to any financial event that affects the company's financial statements, such as the purchase of inventory or the payment of rent.
When a transaction occurs, it is recorded in the journal in chronological order. The journal entry includes the date of the transaction, the accounts affected, and the amounts debited and credited. Each journal entry is assigned a unique identifying number or code.
The journal serves as a chronological record of all financial transactions, which is used to prepare financial statements such as the balance sheet, income statement, and cash flow statement. The journal is also used as a source document for posting entries to the general ledger.
The general ledger is a book or computer program that contains all the accounts used by a company, and it is used to prepare financial statements. Each account in the general ledger has a balance that reflects the total amount of transactions recorded in the journal for that account.
In summary, a journal is a day-by-day, or chronological, record of transactions that is used as a source document for posting entries to the general ledger and preparing financial statements.