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The process of transferring data from the journal to the ledger accounts is called posting.
Posting
The act of recording financial transactions in the ledger of a company as part of the accounting process.
Journal
A book or digital record where financial transactions are initially recorded in chronological order.
Ledger Accounts
Records that summarize all the transactions related to a particular aspect of a business's finances, such as assets, liabilities, equity, revenue, and expenses.
- Determine the parts and functions of journal entries and ledger postings in accounting.
- Comprehend the process and significance of recording transactions in the journal and posting them to ledger accounts.
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Learning Objectives
- Determine the parts and functions of journal entries and ledger postings in accounting.
- Comprehend the process and significance of recording transactions in the journal and posting them to ledger accounts.
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