BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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in chronological order
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weekly
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at the end of the month
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all of these
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Detailed explanation-1: -A journal, commonly known as the Book of Original Entry or the Day Book is a book of transactions recorded in a chronological order. Usually, transactions are recorded in a journal before they are recorded in a ledger account. The details entered to record one transaction in Journal is known as a Journal Entry.
Detailed explanation-2: -A journal is a chronological (arranged in order of time) record of business transactions. A journal entry is the recording of a business transaction in the journal. A journal entry shows all the effects of a business transaction as expressed in debit(s) and credit(s) and may include an explanation of the transaction.
Detailed explanation-3: -Transactions are recorded in the journal through journal entries. Under the double-entry accounting system, each entry must contain a debit and credit account. Hence, it is true that transactions are entered in the journal in chronological order.