When Recording Closing Entries in the General Journal,which of the Following

question 17

Multiple Choice

When recording closing entries in the general journal,which of the following is written in the Description column?

• A) "closing entries"
• B) a description of the transaction
• C) nothing
• D) "zero out accounts"

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Definitions:

Accounts Receivable

Sums due to a firm by its patrons for the delivery of goods or services on credit.

Internal Control

Procedures and measures adopted within an organization to safeguard its assets, ensure accurate and reliable financial reporting, and comply with laws and regulations.

Bank Reconciliation

The process of comparing and adjusting the balance of an account as reported by a bank with the balance in the company’s records.

Internal Control

Processes designed to ensure the reliability of financial reporting, effectiveness and efficiency of operations, and compliance with laws and regulations.