General Journal: Fill In the Blanks

Written by True Tamplin, BSc, CEPF®

Reviewed by Editorial Team

Updated on March 12, 2023

1. The is the initial book used to record all transactions.

2. Another name for the general journal is the .

3. The process of recording transactions in the general journal is referred to as .

4. An entry consisting of more than one debit or credit is known as a.

5. The brief description inserted below each journal entry is known as a .

6. Correct of business transactions is required to ensure that journal entries are correct.

7. The abbreviation PR used in general journal stands for .

8. Goods sold in the course of trading are called .

9. If goods are sold on account, then is debited.

10. If a salary is paid to a companys clerk by check, the account will be credited.

11. Sales returns are also known as .

12. is a reduction in the list price that is not recorded in the books of accounts.

13. is offered by sellers to encourage buyers to make payments before the due date.

14. Cash discount received is an income of the business and is, therefore, when passing the journal entry.

15. Cash discount allowed is an of the business and is, therefore, debited when passing the journal entry.

16. Suppose that $980 is paid in cash to a creditor in full settlement of their account of $1,000. The discount received account will be credited by .

General Journal: Fill In the Blanks FAQs

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.