Question
Asked Dec 13, 2019
1 views

When is the general journal used in a manual accounting information system? Provide some examples of transactions that would be recorded in the general journal?

check_circle

Expert Answer

Step 1
help_outline

Image Transcriptionclose

General Journal: It is a book where all the monetary transactions are recorded in the form of journal entries on the date of their occurrence in a chronological order.

fullscreen
Step 2
help_outline

Image Transcriptionclose

The general journal is used in a manual accounting information system in the following situations: • When the business transactions cannot be recorded in the special journals. • When the business transactions are infrequent.

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: 4. Clarke Inc. operates the Patio Furniture Division as a profit center. Operating data for this div...

A: a. Prepare a responsibility report for patio furniture division for the year as shown below:

question_answer

Q: Which of the following correctly describes the posting of transactions from the sales journal? Indi...

A: Click to see the answer

question_answer

Q: Bismite Corporation purchases trees from Cheney lumber and processes them up to the split-off point ...

A: Click to see the answer

question_answer

Q: What are the columns that are typically used in the purchases journal?

A: Click to see the answer

question_answer

Q: Monet Paints Co. is a newly organized business with a list of accounts arranged in alphabetical orde...

A: Chart of accounts: The chart that lists all the account titles along with their corresponding number...

question_answer

Q: Parrish 2-7 $4 T-Account Formula for the missing CR amount.  Please explain and solve the following....

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this ac...

question_answer

Q: Which of the three methods of inventory costing— FIFO, LIFO, or weighted average cost—will in genera...

A: First-In-First-out (FIFO): FIFO is a method used for recording inventory sold. In this method the in...

question_answer

Q: Why would a company maintain separate accounts receivable ledgers for each customer, as opposed to m...

A: When a sale is made on account, the accounts receivable account is debited with the sale value under...

question_answer

Q: Beginning inventory, purchases, and sales data for widgets are as follows: April 3         Invent...

A: Cost of Goods SoldCost of goods sold refers to the direct costs of producing the goods sold by a com...