Question

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Question 5 Transactions are initially recorded in the Answer saved Marked out of LOO Select one: Tra question O general ledger O none of the above statement of financial position Otrial balance general journal Clear my choice Previous page Type here to search o

Answer 1

Solution 5) Correct Answer Reason : : E) General Journal Transactions are first recorded in General Journal then transferred to Ledger and then a Trial Balance is made from the ledger balances which helps in making the financial statements Solution 6) Correct Answer Reason : B) Posted a debit as credit There is a difference of $ 4,356 which means that a debit amount of $ 2,178 may have been posted to credit instead Solution 7) Correct Answer Reason : A) A trail balance is prepared after the financial statements A trial balance is prepared after ledgers but before financial statements Solution 8) Correct Answer Reason : A) Recorded as dividends declared Cash paid to shareholders as return is recorded as divideds :

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