The General Journal Is Used for Transactions Not Covered by Special

question 29

True/False

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

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Definitions:

Permanent/Temporary

Refers to accounts on a company's balance sheet that are carried over from one accounting period to the next, with permanent indicating long-term accounts and temporary indicating accounts that are closed at the end of each period.

Coal Deposit

A geological formation containing a natural accumulation of coal, which can be mined for use as a fuel.

Tons Available

A measurement indicating the quantity of a commodity or material expressed in tons that is available for use or sale.

Normal Balance

The side of an account (debit or credit) on which increases to the account are recorded.