Question

Among these statements which one is incorrect regarding journal entry? (a) The debited account titles are listed first (b) Journal entries show the effects of transactions (c) Each journal entry should begin with a date (d) Journal entries provide account balances​

Answer 1

Answer:

Option d is incorrect bcz journal entries not provide accurate account balance of the company

Answer 2

The correct answer is option (d) Journal entries provide account balances.

Explanation:

• The statement which is incorrect regarding a Journal entry is that Journal entries provide account balances.
• A journal entry is the act of keeping or making records of any transactions either economic or non-economic.
• Transactions are listed in an accounting journal that shows a company's debit and credit balances.
• The journal entry can consist of several recordings, each of which is either a debit or a credit.
• A Journal is a Book of Original Entry.
• Here, All the statements are correct regarding Journal entries except Journal entries provide account balances.