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

In most accounting software, journal entries are typically recorded under which tab?

General Ledger

Accounts Receivable

Inventory

Payroll

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Verified step by step guidance

Understand the purpose of journal entries: Journal entries are used to record financial transactions in the accounting system, ensuring that the double-entry accounting principle is followed.

Identify the role of the General Ledger: The General Ledger is the central repository for all financial transactions and is where journal entries are typically recorded. It serves as the foundation for preparing financial statements.

Differentiate between the options provided: Accounts Receivable, Inventory, and Payroll are specific modules or accounts within the accounting system, but they are not the primary location for recording journal entries. These modules may interact with journal entries but are not the main tab for entry.

Recognize the correct tab: Journal entries are recorded under the General Ledger tab because it encompasses all accounts and transactions, ensuring proper tracking and reporting.

Conclude the reasoning: The General Ledger is the correct answer because it is the primary tool for recording and managing journal entries in most accounting software.