Question

15 transactions with their journal,ledger,trial balance,final accounts

Answer 1

Tracking business activity with T accounts would be cumbersome because most businesses have a large number of transactions each day. These transactions are initially recorded on source documents, such as invoices or checks. The first step in the accounting process is to analyze each transaction and identify what effect it has on the accounts. After making this determination, an accountant enters the transactions in chronological order into a journal, a process called journalizing the transactions. Although many companies use specialized journals for certain transactions, all businesses use a general journal. In this book, the terms general journal and journal are used interchangeably.

Answer 2

Answer:

The two fundamental financial statements—also known as final accounts—Profit and Loss Account and Balance Sheet are created using the data provided in the trial balance.

What does a journal ledger mean?

• The ledger, the main book of accounts, is where the transactions noted in a journal are arranged. Since each transaction is carefully examined and documented as a journal entry, the journal is the first phase of the accounting cycle. The ledger, which functions as an extension of the journal, is used to record journal entries in line with the financial statements that the company has generated.
• A trial balance, a financial report, displays the closing balances of all accounts in the general ledger. The first stage in closing the books at the conclusion of an accounting month is to create a trial balance.
• Final accounts provide information to interested parties on the financial stability and profitability of an organization.

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