Listed below are some typical transactions incurred by the Eldon Fitness Centre:
-Depreciation on property.
A) cash receipts journal
B) cash payment journal
C) sales journal
D) purchases journal
E) general journal

Question

Quizplus · Accepted Answer

Depreciation on property is a non-cash transaction that affects the value of an asset over time. It is recorded in the general journal because it does not involve an immediate cash flow, unlike transactions recorded in the cash receipts or cash payments journals.

Listed Below Are Some Typical Transactions Incurred by the Eldon