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16 February, 17:53

What is journal and ledger

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  1. 16 February, 19:41
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    ledger account contains a record of business transactions.

    while

    journal is defined as the book of original entry.

    Explanation:

    A ledger account contains a record of business transactions. It is a separate record within the general ledger that is assigned to a specific asset, liability, equity item, revenue type, or expense type. Examples of ledger accounts are: Cash. Accounts receivable.

    A journal is a detailed account that records all the financial transactions of a business, to be used for future reconciling of and transfer to other official accounting records, such as the general ledger
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