U2 L11 Posting to the Ledger

U2 L11 Posting to the Ledger - Posting to the Ledger We...

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Posting to the Ledger We have now learned that journal izing transactions from source documents into the general journal is the first step in the accounting cycle. At this point, we must learn the process of taking this transaction information from the journal and transferring it into the ledger , so that the accounts in the ledger have updated balances. This process is known as posting . The two important "books" of the accounting process are the journal and the ledger . We now know that transactions are first recorded chronologically into the journal . We have also learned that the ledger is the group of accounts used by a business. Because it is important that the accounts in the ledger have updated balances in them, we must learn the process of posting , that is transferring the information from the journal , into the ledger . Up to this point, we have become familiar with the following type of account in the ledger : A T-account is a simple account to use because whenever the account is
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This note was uploaded on 07/15/2011 for the course AFM 102 taught by Professor Aa during the Summer '07 term at Court Reporting Institute of Dallas.

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U2 L11 Posting to the Ledger - Posting to the Ledger We...

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