Question

A general journal is: A ledger in which amounts are posted from a balance column account. Not required if T-accounts are used. A complete record of all transactions in chronological order from which transaction amounts are posted to the ledger accounts. Not necessary in electronic accounting systems. A book of final entry because financial statements are prepared from it.

Answer 1

Answer:

A complete record of all transactions in chronological order from which transaction amounts are posted to the ledger accounts.

Explanation:

The general journal is the only entry point for all business transactions in order by date, which later will make its way into the books of accounts of the company. The definition was more appropriate when transactions were written in a journal prior to manually posting them to the accounts in the general ledger or subsidiary ledger.