Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881



Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem

Can accounting transactions be direction recorded in the general ledger? If so, why do most companies initially record transactions in the journal?

To determine

Recording the transactions in Journal

Journal is a records which contains the record of each transactions in a chronological sequence containing the effect each transactions is having on various elements of financial statements.

The recording of transactions in Journal instead of recording directly in General ledger.


Transactions can be recorded in two ways i.e. recording the transactions directly in Ledgers accounts or recording the transactions firstly in Journal and then post them in to ledger.

Most of the companies follow the procedure of recording the transactions through Journal and then posting them to the ledger for the convenience of showing the effect of all these transactions on total debit and total credits at a single place...

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