Select all that apply The general journal, also known as the journal, ___ (Check all that apply.) is where the effects of each transaction is recorded chronologically \( \square \) is the best place to look for account balances does not provide account balances is where transactions are first recorded

The correct statements about the **general journal** are: 1. **is where the effects of each transaction is recorded chronologically** 3. **does not provide account balances** 4. **is where transactions are first recorded** **Explanation:** - **Option 1:** *True.* The general journal records each transaction in the order they occur, detailing the effects on various accounts. - **Option 2:** *False.* Account balances are typically found in the **general ledger**, not the general journal. The general ledger provides a summary of all account balances. - **Option 3:** *True.* The general journal records transactions but does not provide the ongoing balances of accounts. That information is maintained in the general ledger. - **Option 4:** *True.* The general journal is the initial place where transactions are first recorded before they are posted to the ledger accounts. **Summary:** - ✅ is where the effects of each transaction is recorded chronologically - ❌ is the best place to look for account balances - ✅ does not provide account balances - ✅ is where transactions are first recorded