The Ledger Card records details of what for each transaction?

The Ledger Card records details of what for each transaction?

• A. It records the balance of the trust account
• B. It records details of parties for each transaction
• C. It lists all earned commissions
• D. It lists the trust account's interest earned

Answer: (B)

In trust accounting, a Ledger Card is the detailed record used to track each trust transaction by account. For every entry, it notes who is involved—the parties—so you can see the source and destination of funds for that transaction (who deposited funds, who was paid, and the purpose). This focus on identifying the parties for each transaction helps with traceability, reconciliation, and fiduciary accountability. While the balance, descriptions, and dates accompany entries, the essential point the ledger card captures per transaction is the details of the parties involved; other options describe aspects (balances, commissions, interest) that aren’t the primary purpose of recording each transaction on the ledger card.

In trust accounting, a Ledger Card is the detailed record used to track each trust transaction by account. For every entry, it notes who is involved—the parties—so you can see the source and destination of funds for that transaction (who deposited funds, who was paid, and the purpose). This focus on identifying the parties for each transaction helps with traceability, reconciliation, and fiduciary accountability. While the balance, descriptions, and dates accompany entries, the essential point the ledger card captures per transaction is the details of the parties involved; other options describe aspects (balances, commissions, interest) that aren’t the primary purpose of recording each transaction on the ledger card.