The General Journal Is Used for Transactions Not Covered by Special

question 107

True/False

The general journal is used for transactions not covered by special journals and for adjusting, closing, and correcting entries.

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Definitions:

Attachment

In general, the process of taking a person’s property under an appropriate judicial order by an appropriate officer of the court. Used for a variety of purposes, including the acquisition of jurisdiction over the property seized and the securing ofproperty that may be used to satisfy a debt.

Intent

The state of mind directing actions towards a specific objective, significant in law, indicating the purpose behind an action.

Adaptation

The process of adjusting or modifying something or someone to make it suitable for a new use or purpose.

Timing

The selection of the most opportune moment to initiate or execute an action, which can greatly affect the success or failure of an endeavor.