the importance of journal and ledger in terms of recording business transactions is for accounting purposes
Explanation:
The purpose of the ledger is to track broad trends and overall shifts in funds while the importance of the general journal in accounting is to keep track of each individual event.
What is General Journal? Discuss the Concept of Recording business transaction in a two-column Journal
The source documents for general journal entries may be journal vouchers, copies of management reports and invoices. Journals are prime entry books, and may also be referred to as books of original entry, from when transactions were written in a journal before they were manually posted to accounts in the general ledger or a subsidiary ledger.
While Purchase Journal records credit transactions, a General Journal records cashpurchases.
Answers & Comments
Answer:
the importance of journal and ledger in terms of recording business transactions is for accounting purposes
Explanation:
The purpose of the ledger is to track broad trends and overall shifts in funds while the importance of the general journal in accounting is to keep track of each individual event.
What is General Journal? Discuss the Concept of Recording business transaction in a two-column Journal
The source documents for general journal entries may be journal vouchers, copies of management reports and invoices. Journals are prime entry books, and may also be referred to as books of original entry, from when transactions were written in a journal before they were manually posted to accounts in the general ledger or a subsidiary ledger.
While Purchase Journal records credit transactions, a General Journal records cash purchases.
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