Which of the Following Statements Is True About a Journal

question 100

Multiple Choice

Which of the following statements is true about a journal entry?

• A) The Post. Ref. column is filled in prior to posting.
• B) All debits are listed before any credits.
• C) The name of the month should be repeated for each entry.
• D) An explanation must follow each debit and each credit.

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Definitions:

Square Footage

Indicates how much floor space is available in a living space.

Sales Tax

A tax paid to a governing body for the sales of certain goods and services.

Closing Fees

Charges and costs associated with the finalization of a real estate transaction or the closing of a loan.

Itemize Deductions

The process of listing allowable expenses that can be subtracted from adjusted gross income to reduce taxable income.