Question

After initially recording a transaction, the data is then transferred to the ________.

Answer 1

After initially recording a transaction, the data is then transferred to the ledger.

A ledger is an accounting book or group of books where account transactions are noted. Each account has a beginning or carry-forward balance, as well as the ending or closing balance, and would record each transaction as either a debit or credit in distinct columns. All amounts entered in supporting journals, which identify specific transactions by date, are permanently summarized in the ledger. Every transaction originates in a journal and ends up in one or more ledgers. The summary totals in ledgers are used to create a company's financial statements. The general, debtors, and creditors ledgers are three different categories. The general ledger compiles data from journals. The purpose of the Debtors Ledger is to reveal which customers owe money to the company and how much. Creditors Information from the purchases log is accumulated in the ledger.

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