A general journal
A) chronologically lists transactions and other events, expressed in terms of debits and credits.
B) contains one record for each of the asset, liability, equity, revenue, and expense accounts.
C) lists all the increases and decreases in each account in one place.
D) contains only adjusting entries.

Question

Quizplus · Accepted Answer

A general journal lists transactions and events in chronological order and expresses them in terms of debits and credits. It is a record of all transactions and is used to create entries in other accounting records such as the general ledger. Option B is not correct because a general journal is not limited to one record per account. Option C is incorrect because a general journal lists transactions and events, not just the increases and decreases in each account. Option D is incorrect because a general journal contains all types of transactions, not just adjusting entries.

A General Journal