The general ledger
A) summarizes the transactions in journals.
B) only includes balance sheet accounts.
C) is posted in total to the general journal.
D) is the initial place to record depreciation expense.

Question

Quizplus · Accepted Answer

The general ledger summarizes the transactions in journals, such as the sales journal, cash receipts journal, and payroll journal. It includes all accounts, both balance sheet and income statement accounts. The general journal is used for adjusting entries and other non-routine transactions. Depreciation expense is recorded in the general journal or a specialized journal such as the depreciation journal, not in the general ledger.

The General Ledger