Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

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Multiple Choice

Which of the following best describes a form used for recording transactions in chronological order in accounting?

Trial balance

Balance sheet

Ledger account

General journal

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Verified step by step guidance

Understand the purpose of the general journal: It is a primary book of accounting used to record transactions in chronological order, meaning the order in which they occur.

Learn the structure of the general journal: Each entry typically includes the date, accounts affected, debit and credit amounts, and a brief description of the transaction.

Compare the general journal to other accounting forms: The trial balance is a summary of all ledger accounts to check for errors, the balance sheet shows the financial position of a company, and ledger accounts are detailed records of individual accounts. None of these record transactions in chronological order like the general journal does.

Recognize the importance of the general journal: It serves as the foundation for transferring entries to the ledger accounts, ensuring accurate and organized accounting records.

Conclude that the general journal is the correct answer because it is specifically designed for recording transactions in chronological order, unlike the other options provided.