1.
The
is the initial book used to record all transactions.
2.
Another name for the general journal is the
.
3.
The process of recording transactions in the general journal is referred to as
.
4.
An entry consisting of more than one debit or credit is known as a.
5.
The brief description inserted below each journal entry is known as a
.
6.
Correct
of business transactions is required to ensure that journal entries are correct.
7.
The abbreviation PR used in general journal stands for
.
8.
Goods sold in the course of trading are called
.
9.
If goods are sold on account, then
is debited.
10.
If a salary is paid to a companys clerk by check, the
account will be credited.
11.
Sales returns are also known as
.
12.
is a reduction in the list price that is not recorded in the books of accounts.
13.
is offered by sellers to encourage buyers to make payments before the due date.
14.
Cash discount received is an income of the business and is, therefore,
when passing the journal entry.
15.
Cash discount allowed is an
of the business and is, therefore, debited when passing the journal entry.
16.
Suppose that $980 is paid in cash to a creditor in full settlement of their account of $1,000. The discount received account will be credited by
.
General Journal: Fill In the Blanks FAQs
A General Journal is a book of original entries in which transactions are recorded day by day. The transactions usually consist of debits and credits to specific accounts.
The purpose of a General Journal is to record all financial transactions for a business in one place. This allows business owners and managers to track the flow of money in and out of the company and keep track of specific account balances.
The primary difference between a General Journal and a ledger is that a ledger is a book of final entries. This means that all transactions recorded in a ledger have already been posted to specific accounts in a General Journal.
The best way to learn how to use a General Journal is to find an example of one and study it. Many helpful tutorials are available online that can teach you how to use a General Journal for your specific business.
There are a few things to keep in mind when using a General Journal. First, it is important to make sure all transactions are recorded accurately. Second, it is important to post transactions to the correct accounts in the journal. Finally, it is important to keep up with the journal regularly to ensure accurate Bookkeeping.
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.
To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.
