3-5 1. Adjusting Journal Entries Adjusting journal entries do not involve cash. See page 161 in the textbook and you'll see that statement in bold. Are adjusting journal entries really needed? Shouldn't transactions be recorded correctly the first time? Are adjusting journal entries misleading? 2. What is the difference between the General Journal and the General Ledger? They are not included with the public financial statements in a company's annual report. If a firm is publicly traded on the stock market, should they also include the General Journal and the General Ledger? Why or why not