Final answer:
The Cash Ledger should be opened and closed each business day for chip-to-cash and cash-to-chip transactions as it tracks the cash flows in and out of the business.
Step-by-step explanation:
The ledger that must be opened and closed each business day for chip-to-cash and cash-to-chip transactions is the Cash Ledger. This ledger specifically tracks the flows of cash into and out of the business; hence, for transactions involving the exchange of chips and cash, the Cash Ledger is the financial book that needs to be updated. Companies or establishments that deal with these transactions, such as casinos, must maintain accurate records in the Cash Ledger to reflect the actual cash position at the end of each day.