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Jen Shumway, a fellow student, is unclear about the basic steps in the recording process. Identify...

Jen Shumway, a fellow student, is unclear about the basic steps in the recording process. Identify and briefl y explain the steps in the order in which they occur.

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Answer #1

Recording is one of the important process of accouting of transactions.

Recording process involves following steps :

a) Analysis of transaction : Considering information available obtain all possible information about transaction and evaluate & analyse what impact it will have on accounts

b) Recording Journal Entries : Based on first step post Journal entries debiting and crediting appropriate accounts

c) Posting of Journal Entries to Ledget : The last step in the process is posting of amount to respective ledger.

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