Which of the following is a correct statement?
A) Any type of business transaction may be recorded in the general journal.
B) Only compound journal entries are recorded in the general journal.
C) The word journalize means to transfer information from the general journal to the general ledger.
D) The use of a general journal eliminates the need for a general ledger.
E) None of the above

Question

Quizplus · Accepted Answer

The general journal is a basic accounting document where all types of business transactions can be recorded before they are posted to specific accounts in the general ledger. This makes it a versatile tool in accounting for capturing a wide variety of financial transactions.

Which of the Following Is a Correct Statement