4.1 - General Journal

Question 1

Journal

Answer 1

a record of transactions recorded in chronological order

Question 2

General Journal

Answer 2

the main jounal of a buisness

Question 3

Purpose of the General Journal

Answer 3

to present a chronological history of all the company’s transactions

Question 4

Journalizing

Answer 4

the process of recording transactions in a journal

Question 5

Journal Entry

Answer 5

a transaction recorded in a journal

Question 6

4 Parts of a Journal Entry

Answer 6

1. Date of Transaction
2. Account debited and the amount
3. Account credited and the amount
4. Explanation giving details of the transaction

Question 7

Account _________ is indented.

Answer 7

credited

Question 8

Explanation should include the _______ and/or ________ number when given.

Answer 8

invoice, cheque

Question 9

P.R. stands for …

Answer 9

Posting Reference(s)

Question 10

Opening Entry

Answer 10

a special entry prepared when a buisness first begins operations

a compound entry

records assets, liabilities, and owner’s equity of the new buisness

Question 11

Compound Entry

Answer 11

an entry with more than one debit or credit

Question 12

Posting References (P.R.)

Answer 12

a cross reference that links particular journal entries to corresponding postings in the general ledger accounts

Question 13

Parts of a General Journal

Answer 13

• Date
• Page Number
• Particulars
• P.R.
• Debit
• Credit

Question 14

Chart of Accounts

Answer 14

a list of names and account numbers of all the accounts in a ledger