Acaydia School of Aesthetics Recording Financial Information Discussion – Assignment Help

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Respond to natalia with 150 words

Chapter Two discussed the recording process and the details of each step. The first step is to review each transaction to see the possible effects on the accounts. The second step is to enter the transaction data into a journal. The term Journal is used in several ways and is defined as the full effect of a transaction reported in one location. It provides a chronological transaction record and avoids mistakes for each entry attributable to debit and credit amounts. The third stage in the documentation process is the transition into the ledger of the Journal’s details to the involved parties. The log is the entire group of accounts that a corporation holds. The register keeps all the data about changes in individual account balances in one location.

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