Questions: Multiple Select Question Select all that apply Which of the following statements are correct regarding a journal? A journal reports the balance of all the accounts in a business. A journal is used to record business transactions. Transactions are generally entered in chronological order. In a journal, both the debit and credit side of the transaction can be seen. Entering transactions into a journal is called posting.

The correct statements are:

• A journal is used to record business transactions.
• Transactions are generally entered in chronological order.
• In a journal, both the debit and credit side of the transaction can be seen.

This statement is incorrect. A journal does not report the balance of all accounts; instead, it is used to record individual business transactions. The balance of all accounts is typically found in the ledger or the trial balance.

This statement is correct. A journal is the primary book of accounts where all business transactions are initially recorded.

This statement is correct. Transactions in a journal are recorded in the order in which they occur, which is chronological.

This statement is correct. A journal entry includes both the debit and credit aspects of a transaction, showing how each transaction affects the accounts involved.

This statement is incorrect. Entering transactions into a journal is called "journalizing." Posting refers to the process of transferring the journal entries to the ledger accounts.