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Chapter 4: The General Journal and the General Ledger

Accounting Cycle
A series of steps performed during each accounting period to classify, record, and summarize data for a business and to produce needed financial information.
Audit Trail
A chain of references that makes it possible to trace information, locate errors, and prevent fraud.
Balance Ledger Form
A ledger account form that shows the balance of the account after each entry is posted.
Chronological Order
Organized in the order in which the events occur.
Compound Entry
A journal entry with more than one debit or credit.
Correcting Entry
A journal entry made to correct an erroneous entry.
General Journal
A financial record for entering all types of business transacations; a record of original entry.
General Ledger
A permanent, classified record of all accounts used in a firm’s operation; a record of final entry.
Journal
The record of original entry.
Journalizing
Recording transactions in a journal.
Ledger
The record of final entry.
Posting
Transferring data from a journal to a ledger.

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