Which of the following data elements are essential in a journal?
A) Transaction date, explanation, and dollar amount of each debit and credit
B) Dollar amount of each debit and credit, account name and number, and explanation
C) Transaction date, dollar amount of each debit and credit, and account name and number
D) Account name and number, transaction date, and unique identifier for the transaction

Question

Quizplus · Accepted Answer

The transaction date, dollar amount of each debit and credit, and account name and number are essential elements in a journal as they provide a complete record of the financial transaction that has occurred. While the explanation and unique identifier may also be useful, they are not essential for the basic recording of the transaction.

Which of the Following Data Elements Are Essential in a Journal