A Special Journal Is ________

question 4

Multiple Choice

A special journal is ________.

• A)an accounting journal designed to record a specific type of transaction
• B)an accounting journal that holds individual accounts that support a specific general ledger account
• C)a record of accounts that provides supporting details on individual balances,the total of which appears in a general ledger account
• D)a created list of the accounts used by a business entity to define each class of items for which cash is spent or received

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Definitions:

Bank Errors

Mistakes made by a bank in recording transactions in an account holder's records.

Outstanding Checks

Outstanding checks are checks that have been written and recorded in the account holder's register but have not yet been cleared or cashed by the bank.

Adequate Cash Flow

Sufficient amounts of cash on hand that an entity has to meet its financial obligations and operational needs.

Bills

Documents indicating a transaction or an obligation to pay for goods or services received.