A journal with a debit and credit column for recording transactions is known as a
A) debit and credit journal
B) normal journal
C) two-column journal
D) summary journal

Question

Quizplus · Accepted Answer

A journal with a debit and credit column for recording transactions is known as a two-column journal. This journal is also called a general journal or a general ledger. It is used to record all types of transactions, including purchases, sales, cash receipts, and payments. All transactions recorded in this journal are later transferred to the appropriate accounts in the general ledger. Therefore, the transactions are properly classified and summarized for better analysis of the financial performance of the business.

A Journal with a Debit and Credit Column for Recording