Chapter 4: The General Journal and the General Ledger
A series of steps performed during each accounting period to classify, record, and summarize data for a business and to produce needed financial information.
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.
Organized in the order in which the events occur.
A journal entry with more than one debit or credit.
A journal entry made to correct an erroneous entry.
A financial record for entering all types of business transacations; a record of original entry.
A permanent, classified record of all accounts used in a firm’s operation; a record of final entry.
The record of original entry.
Recording transactions in a journal.
The record of final entry.
Transferring data from a journal to a ledger.