Every Entry in the General Journal Should Include All of the Following

question 114

Multiple Choice

Every entry in the general journal should include all of the following EXCEPT:

• A) the title of each account affected.
• B) the amounts of debits and credits.
• C) a brief description of the transaction.
• D) the balance of the accounts affected.
• E) debits and credits.

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Definitions:

Net Operating Income

Represents the profitability from normal business operations, excluding income and expenses from unusual or non-recurring items.

Credit Card Company

A Credit Card Company is a financial institution that issues credit cards to consumers, extending a line of credit for purchases with the agreement that the consumer will pay back the borrowed amount, plus any applicable interest.

Allowance for Doubtful Accounts

Allowance for doubtful accounts is an accounting provision that estimates the amount of receivables that may not be collectible due to customer defaults.

Credit Sales

Sales made on credit, allowing the buyer to pay the seller at a later date.