The General Journal is used for
A) Recording adjusting entries
B) Posting transactions to special journals
C) Accumulating debits and credits
D) Collecting detailed listings of amounts
E) Recording both adjusting entries and posting transactions to special journals

Question

Quizplus · Accepted Answer

The General Journal is primarily used for recording adjusting entries, which are entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred. It is not used for posting transactions to special journals, accumulating debits and credits in the sense of a ledger, or collecting detailed listings of amounts, which are functions of other accounting records.

The General Journal Is Used for