Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615



Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem

Record transactions

The following discussion took place between Tony Cork, the office manager of Hallmark Data Company, and a new accountant, Cassie Miles:

Cassie: I've been thinking about our method of recording entries. It seems inefficient.

Tony: In what way?

Cassie: Well−correct me if I'm wrong−it seems like we have unnecessary steps in the process. We could easily develop a trial balance by posting our transactions directly into the ledger and bypassing the journal altogether. In this way, we could combine the recording and posting process into one step and save ourselves a lot of time. What do you think?

Tony: We need to have a talk.

What should Tony say to Cassie?

To determine


Journal is the book of original entry. Journal consists of the day today financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

The recording process:

The recording process of any accounting transaction starts with analyzing the transaction,

Journalizing the transaction, and Posting them into the relevant account.

To discuss: What Person T should say to Person C.


  • When a firm recorded the transaction directly to ledger account balance, it would be very difficult to reconstruct the actual transactions. In the ledger, all the debit balance and the credit balance would be separated and reported to the ledger balances. When once the transactions become a part of ledger, the original transaction would be lost. Therefore, the errors usually occur at the time of recording the transaction cannot be traced out easily...

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