The Books - Journal, Ledger, and Trial Balance — Transcript
Full transcript
- 0:05The books of a business contain the following tools:
- 0:08The Journal
- 0:09The Ledger
- 0:11The Trial Balance
- 0:12These three things work together to keep track of the story of a business.
- 0:17The journal is used to keep track of the transactions of the business in chronological order, and
- 0:22shows the effects of each transaction on the accounts within the books.
- 0:26The Ledger is where all of the transaction information contained in the journal are grouped
- 0:31and organized by account. It shows the cumulative effects of the transactions by account, and
- 0:37then the ultimate balances of the accounts.
- 0:40The Trial Balance is a list of all of the accounts, and their balances, as seen in the
- 0:44Ledger.
- 0:47All of these things are integral parts of the recording process within the Accounting
- 0:51Cycle of a business.
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