Question

QuickBooks

Which of the following transactions would typically be recorded in the QuickBooks general journal?

1. Purchase of office supplies
2. Year-end adjustment for depreciation on equipment
3. Sale of merchandise to a one-time customer
4. Payment of telephone expenses

Answer 1

OPTION B------ Year end adjustment for depreciation on equipment

Year end adjustment for depreciation on equipment will be recorded in Quickbooks General Journal.General journal entry is posted to general ledger. General ledger serves as main group of accounts to record balance sheet and income statement item. General journal entries such as posting tax adjustments, depreciation expense, reclassifying income or expenses are done to complete year end activities.