Question

PLEASE HELP 97 POINTS ollowing the accounting cycle, what would an accountant do right after identifying financial transactions?

A. create a general ledger
B. record journal entries
C. make a trial balance
D. adjust entries

Answer 1

B. record journal entries

Step-by-step explanation:
After identifying financial transactions, the next step in the accounting cycle would be to record journal entries.

Journal entries are the first step in the recording process and are used to record the financial transactions of a business in chronological order. They provide a detailed record of each transaction and include the accounts that are affected, the amounts that are debited and credited, and a brief description of the transaction.

Once the journal entries are recorded, they are then posted to the general ledger. The general ledger is a collection of all the accounts used by a business and is used to summarize the financial transactions of the business.