BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Aging report
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Balance sheet
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Notes payable
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Income statement
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Detailed explanation-1: -Expense Journal entries are the critical accounting entries that reflect the expenditures incurred by the entity. Journal entries are the base of accounting. All journal entries construct financial statements.
Detailed explanation-2: -The general journal is the company’s journal in which initial record keeping of all the transactions is done which are not recorded in any of the specialty journals maintained by the company like purchase journal, sales journal.
Detailed explanation-3: -Expenses are a part of the Nominal account. The Cash Account will be decreased with the amount paid as expenses, so it will be credited and Expenses will be debited according to the rule of the Nominal account. Journal Entry: Example 1: Rent paid in cash ₹5000.