When an Entry Is Made in the General Journal

question 81

Multiple Choice

When an entry is made in the general journal,

• A) assets should be listed first.
• B) accounts to be debited should be listed first.
• C) accounts to be increased should be listed first.
• D) accounts may be listed in any order.

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Definitions:

Income Statements

Financial statements that show a company's revenue, expenses, and profit over a specific period.

Proprietorships

A type of business entity that is owned and run by one individual and where there is no legal distinction between the owner and the business.

Income Tax Expense

The amount of money a company is obligated to pay in income taxes, based on its taxable income for a specific period.

Sales Revenue

Represents the total amount of money generated from the sale of goods or services by a company before any costs or expenses are deducted.