Journal

A journal is one of the so called ‘Books’ of financial records for a business. There are several journals in a set of books including sales, purchase, receipts and general.   Journals contain chronological entries identifying the respective accounts for the debits and credits for transfer to the account ledgers. Journals are usually function based such as Purchases, Payroll, Cash Disbursement and so on.

Working Trial Balance

Working Trial Balance

The accounting profession uses various tools to generate accurate accounting information at the close of accounting cycles (monthly, quarterly and annually). The primary document is the working trial balance. It is very similar to the traditional trial balance except there are additional columns used to identify various adjustments and the corresponding source documents (work papers).

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