You Will Have an Unresolved Reconciliation Amount -

question 6

Multiple Choice

You will have an unresolved reconciliation amount -

• A) when a ledger is not balanced
• B) when an account is not balanced
• C) when the total debits and credits are not equal
• D) when you have not entered bank charges for the month

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Definitions:

Purchases Journal

The purchases journal is a specialized accounting ledger that tracks all purchase transactions of a business, including inventory purchases on credit.

Supplies Account

An account in the general ledger that records the amount spent on supplies that are used in the operation of a business.

General Journal

A ledger where all financial transactions of a business are initially recorded using double-entry bookkeeping.

Purchases Journal

A financial journal used to record all purchases of goods and services on credit.