WHAT IS IT?
The General Journal is often called the "Book of Original ______
What is Entry
A short explanation of the transaction found at the bottom of the entry
What is a Narration?
True or False: Every single transaction a business makes must go into the General Journal.
What is False?
Used for cross-referencing to the Ledge
What is the Folio Page?
Explain in your own words why the General Journal is known as the "diary" of a business
It records transactions in chronological order/as they happen
Used to record the specific names of the accounts being debited or credited.
What is the Details or Particulars column?
A startup business has $2M in Equipment and owes a supplier $500k. The Capital amount for the opening entry is _________
What is $1.5 Million?