Chapter 3 Processing Accounting Information details how accounting information is processed. “Ledger accounts, journal entries, and trial balances are tools that allow a company to process vast amounts of data efficiently.” (Porter & Norton)
An accounting system requires the use of both journals and ledgers. Please respond to all of the following questions:
1. Compare and contrast the ledger and journal. Do you feel we need both the journal and the ledger? Why/why not?
2. Explain the best place to find the information if you wanted to see both the debit and credit side of an entry? If you wanted to see the balance of an account where would you look?