Asked by carolette mckenzie on Jun 11, 2024
Verified
Adjusting entry
A) Cash receipts journal
B) Cash payments journal
C) Revenue journal
D) Purchases journal
E) General journal
Adjusting Entry
Accounting records created at the closing of a fiscal period to distribute expenses and revenues to the time they were truly incurred.
General Journal
A basic accounting ledger used to record all types of accounting transactions before they are transferred to specific accounts in the general ledger.
Cash Receipts Journal
A specialized accounting journal used in the double-entry bookkeeping system to keep track of all cash transactions that increase (debit) the cash account.
- Master the different categories of journals and ledgers that are essential in accounting operations.
- Acquire knowledge on the methods and relevance of corrections in accounting.
Verified Answer
JL
Jared LemkeJun 13, 2024
Final Answer :
E
Explanation :
Adjusting entries are typically recorded in the General Journal because they involve adjustments to income or expenses that do not directly relate to cash transactions, such as depreciation, accruals, and adjustments for prepaid expenses.
Learning Objectives
- Master the different categories of journals and ledgers that are essential in accounting operations.
- Acquire knowledge on the methods and relevance of corrections in accounting.