Asked by Ma Kathrina Alindayu on Jun 20, 2024
Verified
Adjusting entries are recorded
A) only on the worksheet.
B) only in the general ledger.
C) in the general journal.
D) in the special journals.
Adjusting Entries
Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
General Journal
A primary accounting record used to record all types of transactions, including adjustments, in chronological order.
General Ledger
A comprehensive collection of a company's accounts, including all transactions and balances, used for preparing financial statements.
- Comprehend the responsibilities and workings of the general journal as part of the accounting cycle.
- Acquire an understanding of how to make adjustments and corrections in accounting entries.
Verified Answer
Learning Objectives
- Comprehend the responsibilities and workings of the general journal as part of the accounting cycle.
- Acquire an understanding of how to make adjustments and corrections in accounting entries.
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