8 Questions
What is the primary purpose of a journal?
To record daily transactions of the business
Which of the following is NOT a type of specialized journal?
Trial balance journal
What is the primary function of a ledger?
To classify transactions into their respective accounts
Which journal is used to record cash payments made by the business?
Cash disbursement journal
In which book of accounts are transactions initially recorded?
Journal
Which journal is used to record sales made on credit?
Sales journal
What is the purpose of the sales return journal?
To record bad orders from customers or goods returned
Which journal is used to record purchases of goods or services from suppliers?
Purchase journal
Learn about the types of book of accounts and how to illustrate the accounting equation. Practice performing operations involving simple cases using the accounting equation.
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