Name five common types of transactions will be recorded in a general journal.

Question: Name five common types of transactions will be recorded in a general journal.

Here are five common types of transactions that may be recorded in a general journal:

Sales of goods or services: Transactions related to the sale of goods or services, including invoices, receipts, and payments received.

Purchases of goods or services: Transactions related to the purchase of goods or services, including purchase orders, invoices, receipts, and payments made.

Payroll and employee-related transactions: Transactions related to payroll, such as employee wages, salaries, benefits, taxes, and withholdings.

Depreciation and amortization: Transactions related to the depreciation or amortization of long-term assets, such as buildings, equipment, or intangible assets.

Adjusting entries: Transactions that are made at the end of an accounting period to adjust accounts and ensure that the financial statements accurately reflect the company's financial position, such as accruals, deferrals, and estimates.

These types of transactions are just a few examples, and there may be many other types of transactions that are recorded in a general journal, depending on the nature of the business and its accounting needs.

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