NAME: UKA SANDRA CHINWE
REG NUMBER: 15/34058/UE
DEPARTMENT: BUSINESS ADMINISTRATION
COURSE OPTION: B.sc BUSINESS ADMINISTRATION
COURSE CODE: ACC 101-BASIC ACCOUNTING
ASSIGNMENT: HIGHLIGHT ANY FOUR DIFFERENCE BETWEEN JOURNAL AND
The difference between a general ledger and the general journal is that the general
journal is considered the initial book of entry. The general ledger and general journal
help create a double-entry bookkeeping record system, which is used to record
financial transactions. These two record-keeping tools record the two different effects
of financial transactions that include debits and credits. The transactions and records
from the general journal are transferred to the general ledger accounts. After
balances are calculated, they are transferred from the ledger to a trial balance. As of
2015, most organizations use software to record transactions in general ledgers and
The general journal is recognized as the first book of entry. This journal is the first
place where transactions are recorded. This bookkeeping method was more popular
when computers and software were not readily available. Every page in the general
journal incorporates columns for dates, serial numbers, and debit or credit records.
The general journal also provides a description with each transaction. Some
organizations keep specialized journals, such as purchase or sales journals. The
specialized journals only record specific types of transactions, whereas general
journals record all other transactions.
A general ledger is generally a file or book used to keep records of all relevant
accounts. The ledger is used to track up to five relevant accounting items that
include expenses, assets, revenues, liabilities and capital. Each relevant accounting
item has a two-columned, T-shaped table. The account title is located at the top of
the T-shaped table, and the table has a record of debit and credit entries. The debit
entries are located on the left side of the T-shaped table, and credit entries are
located on the right. For some organizations, the general ledger incorporates
additional columns for dates, transaction descriptions and serial numbers.
Data can be classified base on transaction in the ledger, WHILE the basic of
classification of data are account in the ledger.