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

1. What is the name of a journal with two amount columns in which all kinds of entries can be recorded?

Cash receipts journal

Sales journal

Purchases journal

General journal

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Verified step by step guidance

Understand the concept of a journal in accounting: A journal is a book or electronic record where financial transactions are recorded in chronological order before being posted to the ledger.

Learn about the types of journals: There are specialized journals like the cash receipts journal, sales journal, and purchases journal, which are used for specific types of transactions.

Recognize the general journal: The general journal is a versatile journal with two amount columns (debit and credit) where all kinds of entries can be recorded, including adjustments, corrections, and transactions that do not fit into specialized journals.

Understand why the general journal is the correct answer: It is used for recording transactions that are not repetitive or do not belong to a specific category, making it suitable for all kinds of entries.

Review examples of entries in the general journal: Examples include adjusting entries, closing entries, and transactions like depreciation or correcting errors in previous entries.