Final answer:
Statement 3 is incorrect because it says that dual postings are always required in the general journal, which is misleading as every entry involves at least two accounts but does not require dual identical postings.
Step-by-step explanation:
The question is asking about the characteristics of a general journal in accounting. Of the four statements provided about the general journal, the incorrect one can be identified with knowledge of how a general journal functions within accounting systems.
Statement 1 says that only transactions that cannot be entered in a special journal are recorded in the general journal. This statement is correct, as the general journal is often used for non-routine transactions that do not have a designated special journal.
Statement 2 indicates that the general journal may be used to record the acceptance of a note receivable in payment of an account receivable. This is also correct, as this transaction does not typically have a special journal.
Statement 3 mentions that dual postings are always required in the general journal. This statement is incorrect. Dual postings are not always required in the general journal; every entry does involve at least two accounts (due to the double-entry system), but 'dual postings' is not a term typically used in accounting and implies there would be two identical postings for each transaction, which is not the case. Therefore, this statement contains misleading information.
Lastly, Statement 4 asserts that correcting, adjusting, and closing entries are made in the general journal, which is correct. Indeed, these types of entries are typically recorded in the general journal because they don't occur on a regular basis and therefore wouldn't have a special journal dedicated to them.