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Journal & Ledger

A journal records financial transactions in chronological order and provides detailed descriptions, acting as a temporary book of accounts. A ledger permanently records transactions from the journal as credits and debits by account type, serving as the final and permanent book of accounts. Both the journal and ledger are important books of entry that play vital roles in the accounting process by capturing debit and credit sides of transactions.

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Alexa De Villena Dionisio
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135 views2 pages

Journal & Ledger

A journal records financial transactions in chronological order and provides detailed descriptions, acting as a temporary book of accounts. A ledger permanently records transactions from the journal as credits and debits by account type, serving as the final and permanent book of accounts. Both the journal and ledger are important books of entry that play vital roles in the accounting process by capturing debit and credit sides of transactions.

Uploaded by

Alexa De Villena Dionisio
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Journal Ledger

A ledger is a
A journal is a book book where these
where detailed already recorded
descriptions of all the Both are transactions are
financial transactions two books
permanently recorded as
regarding a particular of entry.
These two credit and debit
business are recorded. Final and permanent
play a vital
Temporary book of role in the book of accounts.
accounts. accounting Every entry is
Every entry is process. recorded based on
recorded based affected account
on chronological types.
order.
Conclusion:

In this Venn diagram, you will learn that Journal


and Ledger will help you to capture both the debit
and credit sides of transactions. This is often
overlooked when companies do not use books.

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