Answer to Question #125890 in Accounting for Everlyn

Question

A general journal entry is made for what reason?
A. Record end-of-year fixed asset depreciation
B. Adjust an inventory quantity
C. Adjust owner's equity
D. Any of these options
Explain why the answer is correct.

Answer 1

The Answer is D. Any of this options

A general journal entry can be  used to record transactions relating to adjustment entries, accounting errors and opening stock. therefore a general journal entry can be used for purpose of adjusting owner's equity, adjusting an inventory quantity and recording end-of-year fixed asset depreciation.