The Accounting Recording Process

Question 1

What is the Accounting Recording Process

Answer 1

1. Source Documents
2. Transaction Analysis
3. Record in journal
4. Post to Ledger
5. Unadjusted trail Balance
6. Record and post adjusting entries
7. Adjusted Trail balance
8. Financial Statements

Question 2

What is on the left side of the account?

Answer 2

Increase an asset account

Decrease a liability account

Decrease an owners equity account