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The Journal
-the journal is the accounting book wherein the business transactions are recorded for the first time ; it is also called the book of original entry. Advantages of the Journal -a complete record of transactions is provide in one place. -a chronological order of transactions and events is provided in one book -the explanation given to each entry in the journal permits the omission of repetitive explanation in the ledger -the use of the journal affords an easy check on the proper implementation of the rules of debit and credit -the journal facilitates the discovery of errors The Ledger -since transactions are recorded in the journal according to their dates of occurrence, items of similar nature are not grouped together. Information in the general journal is spread amount various transactions recorded. The transaction recorded in the journal are group into one account. A group of accounts constitute a ledger. Relationship between the journal and the ledger -information in the journal is grouped according to transactions while in the ledger, by accounts -information recorded in the ledger always comes from the journal -the journal is a book of original entry while the ledger is a book of final entry the two records are cross-referenced to each other by the use of the folio columns What is posting? -It is the process of transferring to the ledger the same information recorded in the journal. Debit entries in the journal are transferred to the debit side of the pertinent account in the ledger and credit entries in the journal are transferred to the credit side of the proper account in the ledger.
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Copyright © – 2020, All Rights Reserved.
Disclaimer
This project primarily designed to assist students of law and accounting in their studies. It is merely a tool. The use of our Services does not guarantee success in obtaining a law/accounting degree nor in passing the Bar/Board Exams. We makes no warranties or representations of any kind, whether expressed or implied for the Services provided.
The cases, laws, and other publications found in this site are of public domain, collected from public sources such as the Supreme Court online library. The content however have been heavily modified, formatted, and optimized for better user experience, and are no longer perfect copies of their original. We gives no warranty for the accuracy or the completeness of the materials. We also reserves the right to further improve, add, modify, or remove content with or without prior announcements.
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