Journal and ledger are accounting books used to record financial transactions. The journal is used to initially record transactions in chronological order, providing details of debits and credits involved. This information is then posted to a ledger, where individual accounts are maintained with running balances to track amounts owed and owned over time.
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Assignment
Journal and ledger are accounting books used to record financial transactions. The journal is used to initially record transactions in chronological order, providing details of debits and credits involved. This information is then posted to a ledger, where individual accounts are maintained with running balances to track amounts owed and owned over time.