What relationship exists between the general journal and the general ledger?
A) The general ledger accounts contain the same information as those in the general journal, but it is just in a different format.
B) The balances in the general ledger will always equal those in the general journal.
C) After all postings from the general journal are complete, the debit balances in the general ledger will rarely equal the credit balances.
D) The number of accounts in the general journal will always be larger than the number of accounts in the general ledger.

Question

Quizplus · Accepted Answer

The general journal records transactions in chronological order, detailing the debits and credits for each transaction. These entries are then posted to the general ledger, which organizes the same information by account, allowing for the preparation of financial statements. The format differs between the two, with the journal focusing on the chronological order of transactions and the ledger organizing these transactions by account.

What Relationship Exists Between the General Journal and the General