A general journal entry usually includes information about the date of a transaction, titles of affected accounts, dollar amount of each debit and credit and an explanation of the transaction.  True False

General Journal_____________________________________________________________________Date Account Titles and Explanation Debit Credit_____________________________________________________________________2016Aug. 5 Accounts Receivable 2,500Service Revenue 2,50010 Cash 3,000Service Revenue 3,00019 Rent Expense 1,000Cash 1,00025 Cash 1,400Accounts Receivable 1,400Required:Post the journal entries to T-accounts and balance off the accounts as at August 31,2016. (14 marks)*END*

LO 5.1 If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following?Choose one answer from the options below.A. a closing entryB. an adjusting entryC. an ordinary transaction entryD. outside of the accounting cycle

The general journal is also called the book of final entry.Select one:TrueFalse

What is the primary purpose of a journal entry?Question 19Answera.Provide a summary of financial transactions for a specific period.b.Calculate the total assets of a company.c.Calculate the net income of a company.d.Provide a detailed description of a financial transaction.

Step Two of the accounting cycle requires that we record transactions in a record called a journal.  True False