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C) preparing a trial balance. D) analyzing business transactions. 7) A journal entry affecting three or more accounts is called a A) multi-level entry. B) multi-step entry. C) compound entry. D) simple entry. 8) Business transactions are first recorded in the A) ledger. B) journal. C) T account. D) balance sheet. 9) "PR" in the general journal and general ledger stands for A) peer reviewer. B) posting reference. C) prior receipt. D) None of the above are correct. 10) Revenue is traditionally recognized in the accounting records when A) cash is received. B) services are provided to the customer. C) it is incurred. D) None of the answers are correct. 11) The general journal A) is the book of original entry. B) is the book of final entry. C) contains account balances. D) is completed after the general ledger. 12) The general ledger A) is the book of original entry. B) is the book of final entry. C) lists transactions in chronological order. D) contains T accounts. 13) The process of initially recording business transactions in a journal is called