What term refers to the record of financial transactions specifically related to a trust account?

The term that describes the record of financial transactions specifically related to a trust account is a ledger. A ledger is a complete collection of accounts that reflects all financial transactions within the trust, including contributions, withdrawals, and all income or expenses related to the account. It serves as the primary record where all these transactions are systematically organized, making it easier to track the financial health of the trust and to ensure compliance with legal obligations.

While a journal records transactions in chronological order, it generally does not categorize them into specific accounts like a ledger does. An account statement summarizes the balance and transactions for an account over a specific period but lacks the detailed structure of a ledger. A balance sheet, on the other hand, provides a snapshot of the financial position at a specific time, showing assets, liabilities, and equity, rather than the detailed tracking of individual transactions. Thus, the correct focus on maintaining clear and organized entries in a ledger is essential for managing trust accounts accurately.