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What is the difference between a general journal and a general ledger?
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Detailed Explanation
A general journal is the chronological book of original entry where financial transactions are first recorded with narrations and debit/credit amounts. A general ledger is the organized master collection of accounts where those journal entries are categorized and summarized by account balance.
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Disclaimer: This material is for educational purposes only. Every financial situation is unique. Consult with a certified professional before making significant decisions.