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The source of information for the journal is the document.
Example of journal to ledger. Calculate account balances in your general ledger. Accounts Payable is a liability account and Design Services Revenue is a revenue account but both accounts increase with a credit and decrease with a debit. Posting is always from the journal to.
It is the storehouse for recording transactions. Record the following transaction and post them into ledgers. It is termed as the means of classified transactions.
Cash on hand8000000 Cash in bank2000000 Capital10000000 To record investment by owner. Similarly write the ledger page number in the folio column of the journal. Running Balance Ledger Example.
After posting all the journal entries the balance of each account is calculated. Journal is a subsidiary book of account. For example if there are twenty credit purchases and fifty credit sales transactions seventy journal entries and one hundred forty ledger postings become necessary.
Purchased the inventory 5000 by cash. Ledger on the other hand is called the second book of entry because the transaction in the ledger is transferred from journal to ledger. Instead of following this cumbersome process.
By this twenty credit purchases are entered in a separate. In this example it is the deposit slip and invoice for the income and the General Store receipt for the expense. In the ledger the entry is recorded account wise.
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