Question

Meaning of journal and ledger

Answer 1

journal-A journal is a detailed account that records all the financial transactions of a business, to be used for future reconciling of and transfer to other official accounting records, such as the general ledger

ledger-The ledger provides a complete record of financial transactions over the life of the company. The ledger holdsaccount information that is needed to prepare financial statements and includes accounts for assets, liabilities, owners' equity, revenues and expenses

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