A General Journal Is

question 113

Multiple Choice

A general journal is:

• A)A ledger in which amounts are posted from a balance column account.
• B)Not required if T-accounts are used.
• C)A complete record of all transactions in chronological order from which transaction amounts are posted to the ledger accounts.
• D)Not necessary in electronic accounting systems.
• E)A book of final entry because financial statements are prepared from it.

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Definitions:

Rental Contract

A legal agreement between a landlord and tenant detailing the terms and conditions for renting property or equipment.

Invoice

A document issued by a seller to a buyer that lists items or services provided, their prices, and the total amount payable, often serving as a request for payment.

Cheque

A written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer.

Accounts Receivable

Money owed to a business by its customers from sales or services rendered on credit.