Asked by suraj maharajn on Mar 10, 2024
Verified
The general journal does NOT have a column titled:
A) Date.
B) Account Titles & Descriptions.
C) Dr. and Cr.
D) Balance.
General Journal
A basic accounting record used to keep track of all business transactions not recorded in specialized journals.
Account Titles & Descriptions
Names and explanations assigned to individual accounts in the financial statements, reflecting the nature and type of transaction.
Balance
A balance in financial terms refers to the amount of money or value remaining in an account, or the equality between the sum of debits and credits in an accounting record.
- Distinguish between the components of the general journal and their purposes.
Verified Answer
TN
Taylor NewcombMar 10, 2024
Final Answer :
D
Explanation :
The general journal typically includes columns for Date, Account Titles & Descriptions, and Debit (Dr.) and Credit (Cr.) amounts, but it does not include a column for Balance. The balance is usually tracked within individual ledger accounts, not in the general journal.
Learning Objectives
- Distinguish between the components of the general journal and their purposes.