Which of the following statements is (are) correct regarding a journal? (Check all that apply.)
Which of the following statements is (are) correct regarding a journal? (Check all that apply.)
Transactions are generally entered in chronological order.
In a journal, both the debit and credit side of the transaction can be seen.
A journal reports the balance of all the accounts in a business.
A journal is used to record business transactions. Entering transactions into a journal is called posting.
Homework Answers
The following statements are true
1. Transaction ins journals are recorded in chronological
order
2. In a journal, both debit and credit sides of a transaction can be
seen
3. A journal is used to record business transactions
.
A journal does not report balances of business accounts. The trial
balance shows the balance of all accounts in the business.
Entering transactions from journal to respective ledger accounts is
called posting .
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