What different purposes do the general journal and the general ledger serve?
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What different purposes do the general journal and the general ledger serve? |
Here is a tip:
The general journal and general ledger are the basic documents of accounting maintained by the company.
Explanation
The general journal is used to record events and transactions in the books, and it will be an important book for the creation of ledger accounts. The journal entries are posted to the ledger in their respective accounts, and all the accounts will be balanced. The general ledger will be the basis for creating the trial balance.
Verified Answer
The general journal will record all the transactions chronologically so that all the events will be recorded in the books of accounts. The general ledger segregates all the journal entries into their respective accounts.
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