Eco. 121—27-8-2021 (Online Discussion Quiz 2—The differences between a General ledger and a General journal)

NAME NWANOSIKE CHINONSO AMOS
MATRIC NUMBER 2020/242603
COURSE CODE ECO121

THE DIFFERENCE BETWEEN GENERAL JOURNAL AND GENERAL LEDGER

The difference between the general ledger and general journal is as follows;

Types of information stored

The general ledger contains a summary of every recorded transaction, while the general journal contains the original entries for most low-volume transactions. When an accounting transaction occurs, it is first recorded in the accounting system in a journal. There may be several journals, which are either designed to contain special types of transactions (such as for cash receipts, cash disbursements, or sales) or for all other types of transactions. These other transactions are recorded in the general journal. Examples of entries made into the general journal are asset sales, depreciation, interest income, interest expense, and the sale of bonds or shares in the company to investors.

Thus, the general journal is a catch-all location for the initial entry of certain transactions that do not occur in sufficient volumes to deserve recordation in a specialized journal. These transactions are recorded in chronological order, which makes the general journal an excellent place in which to research accounting transactions by date.

Level of Detail Stored

The general ledger contains a summary at the account level of every transaction that a business has engaged in. This information comes from the various journals in aggregated form, in summary-level entries. The information in the general ledger is then aggregated further into a trial balance, from which the financial statements are created.

Thus, the general journal is where those transactions are first recorded that are not being stored in a subject-specific journal, while the general ledger stores the summary-level information from each of the journals. This means that the general journal contains a larger amount of detailed accounting information than the general ledger, which in turn contains more detailed information than the financial statements.

Decline in the Use of Journals

The use of journals has declined since the advent of computerized accounting systems. Many smaller accounting software systems store all transactional information directly in the general ledger, dispensing with all of the various types of journals, including the general journal

THE DIFFERENCES BETWEEN A JOURNAL AND A GENERAL LEDGER
WHAT’S A GENERAL JOURNAL?
A general journal is a book where all initial financial transactions are being recorded.
WHAT’S A GENERAL LEDGER?
A general ledger is a book where all the subsequent transactions are made after the initial transactions have been made on the general journal.
THE DIFFERENCES BETWEEN A GENERAL JOURNAL AND A GENERAL LEDGER
1. The general journal must account for any transaction made while on the other hand,the general ledger does not need any special narration to record any transaction.
2. The general journal is the original book of entry while the general ledger is the book of subsequent entry.
3. Transactions are recorded sequentially in the general journal while in the general ledger transactions are recorded based on those accounts in the journal.
4. The transactions in the general journal are made in chronological order while in the general ledger transactions are made in analytical order.

Name: John OKECHUKWU James
Reg no : 2020/243850
Gmail: sponkybrown3@gmail.com
DEP : Social science Education ( Education Economics)
Title: Different between General Ledger and General Journal.
Definition of General Ledger;
General ledger is the books of account that records every business transaction relating to all the accounting items like sales, inventory, accounts receivable ,account payables adjustment entries in chronological order. Definition of General Journal;
General journal is a books of original entries in which accountants and bookkeepers record raw business transaction in order according to the date events occur.
DIFFERENT BETWEEN GENERAL LEDGER AND GENERAL JOURNAL.
*General ledger is more formalizing and tracks five key accounting items. Assets, Liabilities, owners capital, revenues and expenses.
*General ledger is a book or file that bookkeeping use to record all relevant accounts.
*The general ledger is also the book of second entry.
* General journal refer to a book of original entry in which accountants and bookkeepers records raw business transaction in order according to the date events occur.
* The general journal is the first location where information is recorded and every page in the book features, column fro dates along with series number and debit and credit records.

Name: Nnaji Miracle Ogechukwu
Reg number: 2020/242602
Email: nnajimiracle2004@gmail.com

DIFFERENCE BETWEEN GENERAL JOURNAL AND GENERAL LEDGER.
General Journal is a book of accounting used to record the day to day business activities and transactions and it is called book of original entries While General Ledger is the principle book of account which contains trial balances,income statement and balance sheet which is also a book of subsequent and second entry.

Name: ONYEABOR FAVOUR CHIDERA
Reg no:20630889HA
Email: onyeaborfavourchidera2020@gmail.com

What is a general ledger?

General ledger is the record keeping system for a company’s financial data with debit and credit accounts records validated by a trial balance.it provides a record of each financial transaction that takes place in an operating company and holds information that is needed to prepare the company’s financial statement.

What is General journal?

It is a book of original entries,where raw business transaction are recorded in order according to the date events occurred.

Differences between general ledger and general journal.

1.general ledger is more formalized and tracks five key items, assets, liabilities, owner’s capital, expenses and revenue while journal deals with sales, purchases,cash receipt journals.

2. General ledger is summarized and recorded based on account type while journal are consist of raw accounting entries that record transaction in sequential order and dates.

3. General ledger is a summarized transaction made as journal entries to sub-ledger accounts while journal is the original entry of transaction and involves detailed dates, serial number and transactions.

Name: OHA UJUNWA EMMANUELLA
Reg number: 2020/242643
Email: emmanuellaoha2002@gmail.com
DIFFERENCES BETWEEN GENERAL JOURNAL AND GENERAL LEDGER.

1. General Journal is the book of an original entry that records the very first financial transactions while General Ledger is the book of subsequent or second entries of financial transactions.

2. General Journal are recorded in chronogical order and must be balanced But General Ledger are recorded in analytical order and does not require to be balanced.

3. General Journal is the first step of the accounting cycle because all transactions are analysed and recorded as journal entries while General Ledger is an extension of the general journal where journal entries are marked by the company and its general Ledger account is based on the financial statement the company has prepared.

NAME- OBIAKOR VINCENT CHIKA.
DEPARTMENT- ECONOMICS.
EMAIL – Chikaibiakor47@gmail.com.
TOPIC – DIFFERENCES BETWEEN THE GENERAL JOURNAL AND THE GENERAL LEDGER.

The General Journal Is a book of prime entries in which transactions are recorded in chronological order .
It is used in opening entries and correction of errors .
It is the book that firstly records all day to day transactions of a business.

WHILE
A General ledger unlike the General journal is the final destination of all transactions in the subsidiary books ,it is the book where transactions are recorded in a classified and summarized form

NAME: MBADIHE LUCY CHIDERA
DEPARTMENT:COMBINED SOCIAL SCIENCE (ECONOMICS AND PHILOSOPHY )
REG NO: 2020/242899
EMAIL:luhcey@gmail.com

TOPIC: DIFFERENCE BETWEEN GENERAL LEDGER AND GENERAL JOURNAL
GENERAL LEDGER
In bookkeeping, a general ledger is also known as NORMINAL LEDGER,is a bookkeeping ledgerin which accounting data is posted from journals and from subledgers,such as accounts payable,account receivable, cash management, fixed asset, purchasing and projects.
It contains a summary at the account level of every transactions that a business has engaged in.it is a principal book and also the second entry and is credited from general journal. In norminal ledger,the narration is not compulsory.
The format of the general ledger is the T format where one needs to insert date and amount on both sides.
GENERAL JOURNAL
The general journal refers to a book of original entries,in which accountant and bookkeepers record raw business transaction in order according to the date events occur.
It is also a book in which all financial transactions that are recorded as when it occurs.it is a subsidiary book unlike that of the general ledger,general journal is the first step and it is recorded before ledger is credited.
In a general journal, the narration should be there to understand the kind and nature of entry.
The format of a general journal is quite simple and data that include are date,debit,amount and the credit amount particulars ,ledger folio.

Name:- Okoroafor Christabel Ebubechukwu
Reg number:- 2020/242611
Department:- Economics

Accounting is concerned with the need to manage and check the financial performance of businesses. With the help of general journal and general ledger, which are the most important concepts in the financial accounting.
The next question should why is it important to record transactions as it all goes back to the importance of the general journal and general ledger:-
(1) Financial reports measure the performance of your business to see if you’re doing well or badly.
(2) It enables you to manage your cash flow , so you don’t run of it .
(3) It’s also useful at tax time to avoid missing out on any deductions.
(4) It keeps things organized.
(5) If your business were to get audited, it’s handy to have that paper work.

Now I can’t talk about the differences between general journal and general ledger without talking about the meaning of the above:-
(1) GENERAL JOURNAL:- It is the initial or first record-keeping which reveals all the transactions . It is the first form of the transactions where the accountants debit or credit the right account and records the transaction in the book of accounts for the very first time using double entry.
(2) GENERAL LEDGER:- It takes all the transactions recorded in the general journal and sorts them per account. It provides the movements and current balance in each of the accounts over the accounting period using a “T” format. It is basically an extension of the general journal.

Now the DIFFERENCES BETWEEN GENERAL JOURNAL AND GENERAL LEDGER:-
(1) The general journal recording act is called journalling, performed in form of a journal while the recording act in the general ledger is called posting.
(2) The narration in general journal is necessary to understand the nature of entry , otherwise the entry would lose its value while the narration in general ledger is optional.
(3) There is no need for balancing in a general journal while balancing a ledger is a must at the end of the period (accounting period). Except for nominal accounts, all ledger accounts are balanced to find the net results.
(4) A general journal is called ” book of original entry” or ” primary book of accounting” while the general ledger is called ” book of second entry” or ” the principal book of accounting or the book of final entry.”
(5) In general journal, the entry is recorded as per the date of the transactions while in general ledger, the entry is recorded account-wise.
(6) General journal is a condensed and broad entry of transactions while general ledger is where all similar transactions related to a particular person or thing are maintained in a summarised form.
(7) General journal is sub-divided into a cash book, a sales day book, sales return day book, sales return day book, purchases return day book, B/R book, B/P book, Petty Cash book, etc while general ledger is sub-divided into debtors/ sales ledger, creditors/ purchases ledger, etc.

NAME : EKE JOSHUA OKWUCHUKWU

MATRIC NUMBER : 2020/242585

DEPARTMENT : ECONOMICS

G-MAIL ADDRESS : ekejoshuaokwuchukwu@gmail.com

DIFFERENCES BETWEEN GENERAL LEDGER AND GENERAL JOURNAL :

A GENERAL LEDGER provides record of every financial transaction that takes place during the accounting periods of a company / firm with data and information needed to prepare the financial statements of the company.

On the other hand, A GENERAL JOURNAL is a book of original/initial/first entry of transactions. These transactions are recorded in chronological order.

Name :- Okoroafor Christabel Ebubechukwu
Reg number:- 2020/242611
Department:- Economics
Accounting is concerned with the need to manage and check the financial performance of businesses. With the help of general journal and general ledger, which are the most important concepts in the financial accounting.

The next question should why is it important to record transactions as it all goes back to the importance of the general journal and general ledger:-
(1)Financial reports measure the performance of your business to see if you’re doing well or badly.
(2)It enables you to manage your cash flow , so you don’t run of it .
(3) It’s also useful at tax time to avoid missing out on any deductions.
(4) It keeps things organized.
(5) If your business were to get audited, it’s handy to have that paper work.

Now I can’t talk about the differences between general journal and general ledger without talking about the meaning of the above:-

GENERAL JOURNAL:- It is the initial or first record-keeping which reveals all the transactions . It is the first form of the transactions where the accountants debit or credit the right account and records the transaction in the book of accounts for the very first time using double entry.
GENERAL LEDGER:- It takes all the transactions recorded in the general journal and sorts them per account. It provides the movements and current balance in each of the accounts over the accounting period using a “T” format. It is basically an extension of the general journal.

Now the DIFFERENCES BETWEEN GENERAL JOURNAL AND GENERAL LEDGER:-
(1) The general journal recording act is called journalling, performed in form of a journal while the recording act in the general ledger is called posting.
(2)The narration in general journal is necessary to understand the nature of entry , otherwise the entry would lose its value while the narration in general ledger is optional.
(3)There is no need for balancing in a general journal while balancing a ledger is a must at the end of the period(accounting period). Except for nominal accounts, all ledger accounts are balanced to find the net results.
(4) A general journal is called ” book of original entry” or ” primary book of accounting” while the general ledger is called ” book of second entry” or ” the principal book of accounting or the book of final entry.”
(5) In general journal, the entry is recorded as per the date of the transactions while in general ledger, the entry is recorded account-wise.
(6) General journal is a condensed and broad entry of transactions while general ledger is where all similar transactions related to a particular person or thing are maintained in a summarised form.
(7) General journal is sub-divided into a cash book, a sales day book, sales return day book, sales return day book, purchases return day book, B/R book, B/P book, Petty Cash book, etc while general ledger is sub-divided into debtors/ sales ledger, creditors/ purchases ledger, etc.

Name: Nwankwo Jude Chidera
Department : Economics 100l
Matric No: 2020/242600
E-Mail: chideranwankwojude2020@gmail.com

     Question :  Difference between General ledger and General Journals

What is General ledger? General ledger is the main accounting record of a company or organisation. In bookkeeping, a ledger also know as a nominal ledger, is a bookkeeping ledger in which accounting data is posted from journals and from sublegers such as accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects.

What is General 8 Journals? General journals is a daybook or subsidiary journal in which transactions relating to adjustment entries, opening stock, depreciation, accounting errors e.t.c are recorded. The source document for general journal entries may be journal vouchers,copies of management reports and invoices.

    DIFFERENCE BETWEEN GENERAL LEDGER AND GENERAL JOURNALS
* The general ledger contains a summary of every recorded transaction, while the general journal contains the original entries for most low-volume transactions. These transactions are recorded in chronological order, which makes the general journal an excellent place in which to research accounting transactions by date.
* The journal is the first step of the accounting cycle because all transactions are analyzed and recorded as journal entries. The ledger is an extension of the journal where journal entries are marked by the company and its general ledger account based on which of the financial statements ghe company has prepared

Name: OGBONNA CHINECHEREM RITA
REG NO: 20155373IF
Dept: social science education
Unit: economics education
Course code: Eco 121
Email : ogbonnachinecheremrita@gmail.com
The difference between a general journal and a general ledger is that.
A general journal is a subsidiary journal in which transactions relating to adjustment entries, opening stock, depreciation, accounting errors etc. are recorded. The source documents for general journal entries may be journal vouchers, copies of management reports and invoices. Simply defined, the general journal refers to a book of original entries, in which accountants and bookkeepers record raw business transactions, in order according to the date events occur.Examples of transactions recorded in the general journal are asset sales, depreciation, interest income and interest expense, and stock sales.

While

A general ledger represents the record-keeping system for a company’s financial data, with debit and credit account records validated by a trial balance. It provides a record of each financial transaction that takes place during the life of an operating company and holds account information that is needed to prepare the company’s financial statements. Transaction data is segregated, by type, into accounts for assets, liabilities, owners’ equity, revenues, and expenses.It is also known as a nominal ledger, is a bookkeeping ledger in which accounting data is posted from journals and from subledgers, such as accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects.
A general ledger is the foundation of a system employed by accountants to store and organize financial data used to create the firm’s financial statements.

DEPARTMENT : ECONOMICS
REG/MATRIC NO. :20684056EF
ECO 121 ASSIGNMENT

6 DIFFERENCES BETWEEN GENERAL JOURNAL & GENERAL LEDGER.

#1. Definition
General Journal
It refers to the book of accounts that record every business transaction in chronological order.
General ledger
It refers to the book of accounts which contains the entries, classified based on affected account types, after being first posted into a general journal and then finally making its way into a general ledger.

#2. Entry Point.
General Ledger
It is the second point of entry in accountancy for recording a transaction after it enters the accounting system through a general journal.

General journal
It is the first point of entry of any kind of business transaction to make it to the company’s book of accounts.

#3. Entry bases
General Journal
Every entry is recorded based on chronological order.

General Ledger
Every entry is recorded based on affected account types.

#4. Accountancy system
General Journal
It follows the concept of duality, l.e., every transaction recorded under the double entry accounting system.

General ledger
It also follows the concept of duality, i.e., every transaction recorded under the double entry accounting system.

#5. General journal is the journal of the company in which initial record keeping of all the transaction is done which are not recorded in any of the specialty journal maintained by the company like purchase journal, sales journal, cash journal etc,

General ledger prepared by the company is the set of the different master accounts in which the transactions of the business are recorded from the related subsidiary ledgers.

#6. Level of details contained in G.J & G.L
Thus, the general journal is where those transactions are first recorded that are not being stored in a subject-specific journal, while the general ledger stores the summary-level information from each of the journals. This means that the general journal contains a larger amount of detailed accounting information than the general ledger, which in turn contains more detailed information than the financial statements

The general ledger contains a summary at the account level of every transaction that a business has engaged in. This information comes from the various journals in aggregated form, in summary-level entries. The information in the general ledger is then aggregated further into a trial balance, from which the financial statements are created.

Name: uwaezuoke favour Ifunanya
Faculty : social science
Department :economic
Reg number : 2020/242628
Differences between a general ledger and general journal.
General Journals

Simply defined, the general journal refers to a book of original entries, in which accountants and bookkeepers record raw business transactions, in order according to the date events occur. A general journal is the first place where data is recorded, and every page in the item features dividing columns for dates, serial numbers, as well as debit or credit records.

Some organizations keep specialized journals, such as purchase journals or sales journals, that only record specific types of transactions.

Once a transaction is recorded in a general journal, the amounts are then posted to the appropriate accounts, such as accounts receivable, equipment, and cash.
WHILE

A general ledger is a book or file that bookkeepers use to record all relevant accounts. The general ledger tracks five prominent accounting items: assets, liabilities, owner’s capital, revenues, and expenses.

Transactions that first appear in the journals are subsequently posted in general ledger accounts. Then, account balances are calculated and transferred from the general ledger to a trial balance before appearing on a company’s official financial statements.

Each accounting item is displayed as a two-columned T-shaped table. The bookkeeper typically places the account title at the top of the “T” and records debit entries on the left side and credit entries on the right. The general ledger sometimes displays additional columns for particulars such as transaction description, date, and serial number.

NAME: SUNNY PRECIOUS OGOCHUKWU
FACULTY: SOCIAL SCIENCE
DEPARTMENT: ECONOMIC AND PHILOSOPHY
JAMB REG NO: 20003215CA
Assignment Eco 121
*Different between a general ledger and a general journal.
1) General ledger contains a summary of every recorded transaction. OR a book or file that bookkeepers use to record all relevant account.
General ledger is more formalized and tracks five key accounting items:assets, liabilities, owners capital, revenues and expenses.
Transaction that first appears in the journals are subsequently posted in the general ledger account.
Then account balance are calculated are transferred from the general ledger to a trial balance before appearing on a company’s official financial statements.
Each accounting item is displayed as a two columned”T” shaped table.
The book keeper typically places the account title at the top of the “T” and records debit entries on the left side and credit entries on the right side.
The general ledger sometimes displays additional columns for particular such as transaction description,date and serial number.

WHILE
General journal contains the original entires for most low volume transaction. These transactions are recorded in chronological order, which makes the general journal an excellent place in which to research accounting transaction by date.
It consists of raw accounting entire that record business transaction,in sequential order by date. Journal is the first step of accounting cycle where all the accounting transaction are analyzed and recorded as the journal entries where as ledger is the extension of the journal where journal entries are recorded by the company in its general ledger account.
Example of transaction recorded in the general journal are asset sales, depreciation, interest income, interest expenses and stock sales.
A general journal is the first place where data is recorded and every page in the item features dividing columns for dates, serial number, as well as debit or credit records.
Some organization keep specialized journals such as purchase journals or sale journals, that only record specific types of transaction.
Onces a transaction is recorded in a general journal, the amount are then posted to the appropriate accounts, such as account receivable, equipment and cash transaction.
Despite advances in software technology, there will always be a need to record non routine transaction in general journal, such a sales of assets, bad debt and depreciation.

Eleazu Kamcy Godwin
Reg no…2020/242589
General ledger is also called a nominal ledger and refers to a record containing individual account and showcasing transactions releating to each of the account.It is also called the PRINCIPAL BOOK OF ACCOUNTING SYSTEM and it is based on the accounting equation
Asset=Liabilities+Capital
General journal is the subsidiary book in which day to day transactions are made and it is the first phase of Accounting where all the accounting transactions are made and recorded originally in chronological order.So in conclusion the general ledger is the nominal ledger while the general journal is for recording day to day transactions

NAME: ONUAH PRECIOUS ONYINYECHUKWU
REG NO: 20184874CA
DEPT: ECONOMICS
FACULTY: SOCIAL SCIENCE
EMAIL: onuahprecious04@gmail.com
TOPIC: DIFFERENCES BETWEEN GENERAL JOURNAL AND GENERAL LEDGER.

The general journal is the book that is firstly used to record all of the daily financial transactions of a business organization in a chronological order. It is also called a book of original entries because all of the transactions are records in this book before moving to other books. Sometimes, the general journal is called the book of original entries.
The journal consists of raw accounting entries that record business transactions, in sequential order by date. This books follows the duality principles which states all debit entry must have corresponding debit entry. It is the first point of entry of any kind of business transaction to make it into the company’s book of accounts.When an accounting transaction occurs, it is first recorded in the accounting system in a journal. There may be several journals, which are either designed to contain special types of transactions (such as for cash receipts, cash disbursements, or sales) or for all other types of transactions. These other transactions are recorded in the general journal. Examples of entries made into the general journal are asset sales, depreciation, interest income, interest expense, and the sale of bonds or shares in the company to investors.

A general ledger, also known as “the book of final entry,” is a record of a company’s financial transactions. They are listed as debits or credits, known as a double-entry system and validated by a trial balance.
Accountants, company managers, analysts, investors and other stakeholders use general ledgers to assess a company’s financial performance. General ledgers are part of a double-entry accounting system. They follow the equation: Liabilities + equity = assets.
The general ledger is more formalized and tracks five key accounting items: 1.)assets
2.) liabilities
3.)capital
4.)revenue
5.) expenses

*Conclusively general ledger and general journal plays a great role in tracking the financial transactions of a business though with Their differences and roles each plays, they still stands as important as the other.

Name: itohowo Emmanson Akai. Reg No. 20679208Ga. Course: Education Economics. Email: tohowoakai999@gmail.com. Course title: Eco121. Assignment on General Journal and General Ledger General Journal: The word journal comes French word “Jour” which means “day”.
Journal: It is a historical record of business transactions or incidents that happened. It is also a primary book for recording or writing down day to day business transactions in a sequential or chronological order, that is, how they occurred. It can be in form of of diary that is why it is described as the book of first entry since every transaction is taken down first in it.
General Ledger: Customary, ledger is a set of accounts. It is a book which contains many accounts details. That is the account of business organizations either in a real form or nominal or personal form. It has two ways or forms of keeping it. Such as Bound ledger and Loose leaf ledger

Name: Onyemalu Belinda Chinyere
Reg No: 2020/242633
Email Address: Belindachinyere2003@gmail.com

Question
What are the differences between a general ledger and a general journal

1. A general ledger is a book that helps to transfer all financial statements into different and separate account while a general journal is a book where financial transactions are recorded.
2. General ledger is a principal book while general journal is a subsidiary book.
3. General ledger is the second entry and it’s created from general journal while general journal is the first step and it’s recorded before the ledger is created.
4. In a general ledger, debit and credit are recorded at different sides while in a general journal, debit and credit are recorded in a column.
5. The format of the general ledger is ‘ T’ format where one needs to insert data and amount on both the sides while the format of a general journal is quite simple and data that includes are; date,debit amount,credit amount, particulars,and ledger folio.
6. The process of transferring journal entries in a general ledger is called posting while the process of recording financial institutions into journal is called journalizing.
7. The narration in a general ledger is not compulsory while the narration in a general journal should be there to understand the kind and nature of entry.

OKAFOR CHIOMA NANCY
REG. NO : 2020/242649
DEPARTMENT: ECONOMICS
Email : nancyokafor2000@gmail.com

clearly analyse the differences between a general ledger and a general journal.

A GENERAL LEDGER which is also known as nominal ledger is the foundation of a company’s double entry Accounting system, it encompasses all the transaction data needed to produce the income statement. The general ledger account provides summaries of all of the company’s transactions. within the general ledger, transactional data is organized into assets, liabilities, capital,revenue and expenses.After each sub-ledger has been closed out, the accountant prepares the trial balance. This data from the trial balance is then used to create the company’s financial statements, such as its balance sheet, income statement, statement of cash flows, and other financial reports.

while a GENERAL JOURNAL is a book of original entries, here, accountants record raw business transactions in order of how the events occured.using the general journal, accountants firstly record all of the daily financial transactions in it. It is also called a book of original entries because all of the transactions are recorded in this book before moving to other books.Journal entries are the first step in the accounting cycles,the accountant analyzes the business transaction that occurs every day in business and then records a journal entry in the general journal.
After the entries are made in the general journal on a daily basis, The accountant needs to transfer the journal entries from the general journal to the general ledger where they computed to produce the income statement.

NAME:Livinus murna
DEPARTMENT: Economics
REG NO:20686117JF
EMAIL:livinusmurna7@gmail.com

THE DIFFERENCE BETWEEN GENERAL LEDGER AND GENERAL JOURNAL
The general ledger and general journal are both components of a double-entry accounting.so the difference are this:
The general ledger contains a summary of every recorded transaction, while the general journal contains the original entries for most low-volume transactions. When an accounting transaction takes place, it is first recorded in the accounting system in a journal. There may be several journals, which are either designed to contain specific types of transactions or for all other types of transactions. These other transactions are recorded in the general journal. Examples of entries made into the general journal(GL) are asset sales, depreciation, interest income, interest expense, and the sale of bonds or shares in the company to investors.

Thus, the general journal is a catch-all location for the initial entry of certain transactions that do not occur in sufficient volumes to deserve recordation in a specialized journal. These transactions are recorded in chronological order, which makes the general journal an excellent place in which to research accounting transactions by date.

Level of Detail Stored
The general ledger contains a summary at the account level of every transaction that a business has engaged in. This information comes from the various journals in aggregated form, in summary-level entries. The information in the general ledger is then aggregated further into a trial balance, from which the financial statements are created.

Thus, the general journal is where those transactions are first recorded that are not being stored in a subject-specific journal, while the general ledger stores the summary-level information from each of the journals. This means that the general journal contains a larger amount of detailed accounting information than the general ledger, which in turn contains more detailed information than the financial statements.

Decline in the Use of Journals
The use of journals has declined since the advent of computerized accounting systems. Many smaller accounting software systems store all transactional information directly in the general ledger, dispensing with all of the various types of journals, including the general journal.

NAME: OZOR PAMELLA CHISOM
REG NO: 21465238GA
FACULTY: EDUCATION
DEPARTMENT: EDUCATION ECONOMICS
EMAIL: ozorpamella05@agmail.com

GENERAL LEDGER:These are ledger for real and normal account e.g expenses account, income account,it shows the amountassets and liabilitiesand the stockholders equity account on a given date

GENERAL JOURNAL:Is a book that contains records of all financial transaction of a business.
The act of recording transaction in the general journal is called journalizing.

Differences between general journal and General ledger

1. A general ledger contains summary of all the transactions that the business has engaged in while the general journal is where those transaction are first recorded
2. The general ledger is a book for recording permanent and final books of account while journal is a subsidiary book of account.
3. The general journal is a place to record events that have affected the business while general ledger is a grouping of all accounts of a business with their balances.
4. The process of transferring information from the general journal to the general ledger is called posting while the process of recording transaction in the general journal is referred to as journalizing.
5. The general ledger involves balancing both side while it is not required in the general journal .

Name:- Okoroafor Christabel Ebubechukwu
Reg number:- 2020/242611
Department:- Economics

Accounting is concerned with the need to manage and check the financial performance of businesses. With the help of general journal and general ledger, which are the most important concepts in the financial accounting.

The next question should why is it important to record transactions as it all goes back to the importance of the general journal and general ledger:-
(1) Financial reports measure the performance of your business to see if you’re doing well or badly.
(2) It enables you to manage your cash flow , so you don’t run of it .
(3) It’s also useful at tax time to avoid missing out on any deductions.
. (4) It keeps things organized.
(5) If your business were to get audited, it’s handy to have that paper work.

Now I can’t talk about the differences between general journal and general ledger without talking about the meaning of the above:-

GENERAL JOURNAL:- It is the initial or first record-keeping which reveals all the transactions . It is the first form of the transactions where the accountants debit or credit the right account and records the transaction in the book of accounts for the very first time using double entry.

GENERAL LEDGER:- It takes all the transactions recorded in the general journal and sorts them per account. It provides the movements and current balance in each of the accounts over the accounting period using a “T” format. It is basically an extension of the general journal.

Now the DIFFERENCES BETWEEN GENERAL JOURNAL AND GENERAL LEDGER:-
(1) The general journal recording act is called journalling, performed in form of a journal while the recording act in the general ledger is called posting.
(2) The narration in general journal is necessary to understand the nature of entry , otherwise the entry would lose its value while the narration in general ledger is optional.
(3) There is no need for balancing in a general journal while balancing a ledger is a must at the end of the period (accounting period). Except for nominal accounts, all ledger accounts are balanced to find the net results.
(4) A general journal is called ” book of original entry” or ” primary book of accounting” while the general ledger is called ” book of second entry” or ” the principal book of accounting or the book of final entry.”
(5) In general journal, the entry is recorded as per the date of the transactions while in general ledger, the entry is recorded account-wise.
(6) General journal is a condensed and broad entry of transactions while general ledger is where all similar transactions related to a particular person or thing are maintained in a summarised form.
(7) General journal is sub-divided into a cash book, a sales day book, sales return day book, sales return day book, purchases return day book, B/R book, B/P book, Petty Cash book, etc while general ledger is sub-divided into debtors/ sales ledger, creditors/ purchases ledger, etc.

NAME: OKONDUGBA-SOLOMON EMMANUELLA TONILOLUWA
FACULTY:SOCIAL SCIENCES
DEPARTMENT:ECONOMICS
REG NO:2018/245786
EMAIL:ellabeautiful67@gmail.com
COURSE CODE:ECO 121
COURSE TITLE:INTRODUCTION TO ACCOUNTING
OBJECTIVE:ASSIGNMENT

DIFFERENCE BETWEEN A GENERAL LEDGER AND A GENERAL JOURNAL
Accounting generally revolves around classifying, recording, and analysing of business financial transactions. All financial transactions taken place daily must be recorded for future and also tracking purposes.

What is a General Ledger?
A general Ledger can simply be defined as an account on its own. It contains all the useful transaction data which enable to produce other transactions such as income statement, balance sheet and other financial reports. In other words, the general Ledger contains both the nominal and real accounts. The general Ledger is used quite alot, because it always contains important accounts like the sales account, the purchases account, return inwards, return outwards, and as well as the other accounts especially for assets, expenses and income.

What is a general Journal?
A general Journal can be termed as a journal account which records all of the transactions of a business. As soon as a business transaction takes place, at that very moment, it’s transactions are recorded into the general Journal. Transactions recorded in the general Journal are transactions such as asset sales, depreciation, interest income and interest expenses, and also stock sales.

Yes, according to the two definitions, both the general Ledger and the general Journal are quite similar in several ways, such that they both record transactions for future or tracking purposes. But no matter how similar they seem to appear according to their various definitions, they are also very different from eachother.
Now the main and simple difference is, General Ledger transactions are classified more as a summary of transactions made as journal entries..
This statement simply means that a General journal entry would not exist without the general Ledger.
The general Ledger makes up the transactions in a general Journal

The general journal and general ledger are both books of account but they vary in their respective ways. Their differences are discussed below:
The general journal is the book in which all financial transactions are analyzed and recorded as they occur. It is the first step in the accounting cycle and it’s recorded before ledger is created. For this reason, it is regarded as a subsidiary book. The process of recording financial transactions into journal is called journalizing. The format of a general journal is quite simple and it includes the date, particulars, debit and credit amount and ledger folio. The journal contains a large amount of detailed accounting information. These transactions must be recorded sequentially. The debit and credit amount are recorded column wise i.e on the same side. In the general journal, narration is written to support that journal entry and provide justification for that transaction that was recorded. Lastly, a journal does not require balancing.
On the other hand, the general ledger is a book that enables to transfer all financial transactions into different and separate accounts. It is the second entry in book keeping and it’s created from the journal, making it an extension of the journal. This is a principal book of account. The process of transferring the journal entries from the journal to the ledger is called posting. The format of the ledger is the ‘T’ format where one needs to insert date and amount on both sides. The ledger is more formalized than the journal and it tracks five key accounting items: assets, liabilities, owner’s capital, revenues and expenses. Financial transactions are to be recorded based on these accounts. Debit and credit amount are recorded at different sides. There is no specific requirement for writing any narration. Lastly, unlike the journal, the general ledger must be in balance.

Reg no: 22244035DA
Department: Economics
Faculty: Social sciences

Igbokwe Gloria somtoochukwu
Economics department
igbokwegloria2003@gmail.com
20690485BA

DIFFERENCE BETWEEN GENERAL JOURNAL AND GENERAL LEDGER

1. General journal refers to a book of original entries in which accountants and bookkeepers record raw business transactions, in order according to the date of the events occurs. WHILE A general ledger us a book that bookkeepers use to record all relevant accounts.

2. A general journal is a book of first entry , all processes of financial information starts from it. WHILE A general ledger is the second book of entry because transactions in it is being transferred from journal.

3. Each transactions in general journal is being recorded in chronological order. WHILE in general ledger it is recorded in analytical order.

4. Transactions in general journal are sequentially recorded WHILE in general ledger, it is recorded in the basis of account. The entry is recorded account wise.

5. General journal gives the complete information of each transaction. WHILE in general ledger narration is not necessary.

6.General journal does not need to be balanced WHILE General ledger must be balanced.

OBELU VICTORIA OBIANUJU.reg NUMBER-2020/242907. ECO/PHIL. obeluobianuju@gmail.com

(1) the general ledger contains a summary of every recorded transaction , while the general journal contains the original entries for most low- volume transactions…… these transactions are recorded in chronological order, which makes the general journal an excellent place in which to research accounting transactions by date.

(2) The general ledger tracks five prominent accounting items: assets, liabilities, owners capital, revenues, and expenses, while general journal is the first place where data is recorded, and every page in the item features dividing columns for dates, serial numbers, as well as debit or credit records.

NAME:MAMAH FAITH OKWUKWE
DEPARTMENT:ECONOMICS
REG NO:20644865BF
EMAIL ADDRESS: http://www.mamahokwukwe24@gmail.com

DIFFERENCES BETWEEN A GENERAL LEDGER AND A GENERAL JOURNAL
General ledger is a book of accounting that contains the summary of every recorded transaction.
General journal is a book of original entry in which raw accounting entries for most low volume transactions are recorded in a chronological order that is, in a sequential order by date.

THE VARIOUS DIFFERENCES BETWEEN THEM ARE:

1)VARIATION IN THE TYPE OF ACCOUNT THEY ARE:
General ledger is a second book of account that records the summary of every transaction recorded in the accounts of a business while general journal is a prime book of account that records transactions straight from a source document.

2)VARIATION IN THE TYPE OF TRANSACTION RECORDED IN THEM:
General ledger keeps a record of all relevant accounts and the summary level of information from each of the journals while general journal contains the first recording of transactions that are not being stored in a subject-specific or special journal.

3)VARIATION IN THE SIZE OF ACCOUNTING INFORMATION THAT THEY POSSESS:
General ledger contains a larger amount of detailed accounting information than general journal due to the fact that only certain transactions that do not occur in sufficient volumes to deserve being recorded in special journals are the constituents of general journal.

4)VARIATION IN THE NATURE OF ACCOUNTS FOUND IN THEM:
General ledger contains accounts like asset account, liability account, ownership capital account and revenue and expenditure account while general journal contains accounts like asset sales account, accounting allowance account, purchases of bonds and shares from institution to shareholder account.

5)VARIATION IN THEIR FORMAT OR METHOD OF PREPARATION:
General ledger is divided into two sides (the debit side and the credit side) and has columns for date and sometimes the ‘particulars’ for the description of the recorded transaction while general journal has a column for date, serial number, debit and credit then the description of the transaction below.

6)General ledger can be used for the preparation of trial balance which is in turn used for the preparation of financial statements while general journal is used for the recordation in general ledger.

7)General ledger cannot be used for the adjustment of entries and correction of errors while general journal can be used to correct the error relating to its transactions.

NAME: OGUANYA CHIDERA FAITH
DEP; ECONOMICS
REG NO: 2020/242638
EMAIL: chideraoguanya@gmail.com

DIFFERENCES BETWEEN GENERAL JOURNAL AND THE GENERAL LEDGER.

The journal records a business transaction first before it will be posted to the ledger.

Journal is a subsidiary book while ledger is a permanent and final book of account.

Journal is the storehouse for recording transactions while ledger is termed as the means of classified transactions .

In the journal, transactions are recorded without considering their nature of classification while in the ledger it is classified under respective heads of account.

Transactions in the general journal are recorded in a chronological order just after their occurrences while in the ledger, they are posted in classified form from the journal.
In journal, explanation of entries of the transactions are shown….. In ledger the explanations are not needed.

The format for journal contains five columns while the ledger account of the ‘T’ form contains eight columns. Four in the left and right side respectively. But in statement format of ledger account it contains six columns.
Journal helps in preparing ledger account correctly.

Total results of transactions cannot be known from the journal while the results of a particular head of account can be known from the ledger.

Preparation of trial balance is not possible from the journal. While it is prepared from the ledger.

It is not possible to prepare an income statement at the end of the period from journal while the income statement is prepared with the ledger balances.

Balance sheets cannot be prepared directly from the journal but it can with the help of ledger balances.

There’s no scope of balancing in the journal, while balances are drawn in ledger accounts.

Finally, Recording of transactions in the journal is called “Journalizing” while it is called “Posting” in the ledger.

ORJI Harrison Chukwuemeka 1 week ago
NAME: Orji Harrison Chukwuemeka
REG NUMBER: 21841174FA
EMAIL ADDRESS: emekavalentine20@gmail.com

The differences between a General ledger and a General journal

GENERAL LEDGER
A general ledger is the master set of accounts that summarize all transactions occurring within an entity. There may be a subsidiary set of ledgers that summarize into the general ledger. The general ledger, in turn, is used to aggregate information into the financial statements of a business; this can be done automatically with accounting software, or by manually compiling financial statements from the information in a trial balance report (which is a summarization of the ending balances in the general ledger).

How a General Ledger Works
The general ledger contains a debit and credit entry for every transaction recorded within it, so that the total of all debit balances in the general ledger should always match the total of all credit balances. If they do not match, the general ledger is said to be out of balance, and must be corrected before reliable financial statements can be compiled from it.

GENERAL JOURNAL
As the name suggests, usually holds the record of such transaction that are not recorded in any other journal. In other words such transactions for which no separate journal is kept ended up in general journal. For example, sale or purchase of non-current asset, additional capital invested in the business.

Most often separate journals are maintained sale and purchase of inventory and any other transaction is recorded in general journal. However, entity may have even more journals depending on the information needs.

Difference Between Journal and Ledger

Journal vs Ledger Differences
The key difference between Journal and Ledger is that Journal is the first step of the accounting cycle where all the accounting transactions are analyzed and recorded as the journal entries, whereas, ledger is the extension of the journal where journal entries are recorded by the company in its general ledger account on the basis of which the financial statements of the company is prepared.

Both are essential concepts in financial accounting
. If you don’t know the journal and ledger, you wouldn’t be able to decipher the real meaning of each transaction.

Journal is the first form of transaction. In the journal, the accountant debits and credits the right account and records the transaction in the books of accounts for the very first time using the double-entry system.

In the ledger, the accountant creates a “T” format and then puts the journal in the right order. We can say that ledger is an extension of a journal. But since we create the trial balance, income statement, and balance sheet from looking at the ledger, it is also so vital.

Key Differences
Journal is called the original book of entry because the transaction is recorded first in the journal. Ledger, on the other hand, is called the second book of entry because the transaction in the ledger is transferred from journal to ledger.
In a journal, the entry is recorded sequentially, i.e., as per the happenstance of the transaction. In the ledger, the entry is recorded account wise.
The act of recording into the journal is called journaling. The act of recording into the ledger is called posting.
In a journal, the narration is a must because otherwise, the entry would lose its value. In the ledger, the description is optional.
In a journal, there is no need for balancing. In the ledger, balancing is a must at the end of the period.

THE DIFFERENCE BETWEEN A GENERAL LEDGER AND A GENERAL JOURNAL.
The general ledger refers to the book of account which contains record of individual accounts, summaries and comprises all the transactions entered through double entry book keeping methods. It contains four main parts; the financial transactions, account balances, accounting periods, chart of account such as income, expenses, assets, liabilities, equity. It also known as nominal ledgers in which accounting data is posted from journals and from sub ledgers such as account payable, account receivable, cash management, fixed assets, purchasing and projects.The format include: date, details, reference, debit, credit and balance.

The general journal is a type of journal of a business concern in which inital record keeping of all the transactions is done which are not included in any of the specialty journal such as sales, cash receipts, purchases.

The major differences between the general journal and general ledger includes:
General journal record every business transactions in chronological order. While general ledger contains the entries classified based on affected account types, after being first posted into a general journal and then finally making it way into a general ledger.

General journal is the first point of entry of any kind of business transactions which includes debtors, credits, accumulated depreciation. While general ledger is the second point of entry in accounting for recording a transaction after it enters the accounting system through a general journal. They include financial transactions, charts of account, accounting periods, accounts balances.

Reg no: 2130871EF
Department : Economics

General journal refers to a book of original entry in which accountants and bookkeepers record raw and initial business transactions, in order according to the date event occurs WHILE A General ledger is a book containing accounts in which the classified and summarized information from the journals is posted as debit and credits, it is also called the second book of entry..
So A journal and A ledger differs in
* meaning
* what is it?
* Recognition
* Records
* Process
* How transaction are recorded
* debit and credit
* Narration
* Balancing.

Meaning: journal is the book in which all the transactions are recorded, as and when they arise WHILE ledger is the book in which enables to transfer all the transactions into separate accounts..

What is it: journal is a subsidiary book WHILE ledger is a principal book.

Recognition : Journal is a book of original entry WHILE ledger is a book of second entry.

Record : Journal is Recorded chronologically WHILE ledger is recorded Analytically.

Process : The process of recording transactions into Journal is known as journalizing WHILE the process of transferring entries from journal to ledger is known as posting.

How transaction are recorded : Journal is sequentially WHILE ledger is Account-wise

Debit an credit : journal has column for debit and credit WHILE ledger has sides for credit and Debit.

Narration : its a must in journal WHILE it’s not necessary in ledger

Balancing : Journal need not be balanced BUT ledger must be balanced

NAME: PULIFE EMMANUEL ONYEKACHI
COURSE : ECO 121
DEPARTMENT: ECONOMICS
REG NO: 2020/242594
E-mail: pulifeemmanuel2020@yahoo.com
QUESTION
Difference between General Ledger and General Journal.

Answer:
Firstly what is general ledger?
A general ledger represents the record-keeping system for a company’s financial data, with debit and credit account records validated by a trial balance. It provides a record of each financial transaction that takes place during the life of an operating company and holds account information that is needed to prepare the company’s financial statements.
Secondly what is General Journal ?
The general journal is the book that entity firstly records all of the daily financial transactions in it. It is also called a book of original entries because all of the transactions are records in this book before moving to other books. … Sometimes, the general journal is called the book of original entries.
Then the differences
1.The general ledger contains a summary of every recorded transaction, while the general journal contains the original entries for most low-volume transactions.
2. The general ledger is more formalized and tracks five key accounting items: assets, liabilities, owner’s capital, revenues, and expenses.The journal consists of raw accounting entries that record business transactions, in sequential order by date.
3.ledger is the extension of the journal where journal entries are recorded by the company in its general ledger account meanwhile
Journal is the first step of the accounting cycle where all the accounting transactions are analyzed and recorded as the journal entries.

Okechi Francis Uche
2020/242648
okechif0@gmail.com

ECO 121

Difference between general journal and general ledger.

The general ledger and general journal are both components of a double entry i.e. with debit and credit accounting system.

The general ledger

The general ledger contains a summary of every recorded transaction. A general ledger can also be seen as the foundation of a system employed by accountants to store and organize financial data used to create the firm’s financial statements.

Examples of General Ledger Accounts are;
1. Asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment.
2. Liability accounts including Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits.

The general journal

The general journal contains the original entries for most low volume transactions. When an accounting transaction occurs, it is first recorded in the accounting system in a journal. There may be several journals, which are either designed to contain special types of transactions (such as for cash receipts, cash disbursements, or sales) or for all other types of transactions.
A general journal entry would typically include the date of the transaction (which may be dispensed with after the first entry of the day), the names of the accounts to be debited and credited (which should be the same as the name in the chart of accounts), the amount of each debit and credit, and a summary explanation

These other transactions are recorded in the general journal. Examples of entries made into the general journal are asset sales, depreciation, interest income, interest expense, and the sale of bonds or shares in the company to investors.

Thus, the general journal is a catch all location for the initial entry of certain transactions that do not occur in sufficient volumes to deserve recordation in a specialized journal. These transactions are recorded in chronological order, which makes the general journal an excellent place in which to research accounting transactions by date.
Thus, the general journal is where those transactions are first recorded that are not being stored in a subject specific journal, while the general ledger stores the summary level information from each of the journals. This means that the general journal contains a larger amount of detailed accounting information than the general ledger, which in turn contains more detailed information than the financial statements.

Name: Magbo Chidimma Joy
Matric/Reg Number: 2020/242674
Department:Education Economics
Faculty: Education
Course Code: Eco 121
Email: joychidimma961@gmail.com

Difference between General Ledger and a General Journal
1 General Journal is a subsidiary book while
General Ledger is a principal Book.

2 in general journal the narration should be there to understand the nature of entry.
While
In general Ledger the narration is not compulsory.

3. General journal does not require balancing
While
General ledger must be balanced

4. The Format of General journal is quite simple. Eg of Format is Date, debit amount and the credit amount, particulars ledger, folio.
While
The Format of the general ledger is the T format which one needs to insert date and amount on both sides.

5. In General journal debit and credit are recorded in one column.
While
In General ledger debit and credit are recorded as different sides.

6. General journal is the first step and it’s recorded before ledger is created.
While
General ledger is the second entry and it’s created from journal.

Name:Okoye ogechim yegra-owo
Reg No:2020/242986
Department: Combined social Science
Email: ogechimokoye406@gmail.com

The general journal is a book of original entries and it is the first step of all accounting cycle where all transactions are recorded as journal entries while the general ledger is a book of secondary entry with a derived record i.e the entries made in the ledger have their sources in the journal, therefore being an extension of the journal where the journal entries are recorded by the company in its general account.
The general ledger contains a summary of every recorded transaction while the general journal contains the original entries for low-volume transaction.
The general journal is a chronological record which makes it the excellent place in which to research accounting transaction by date ,it consists of raw account entries day record business transaction in sequential order by date while the general ledger is an analytical record,it is more formalized and tracks five key account items which are :liabilities,assets , owner’s capital, revenue and expenses.

Name;ALOKA ANITA NNEKA
Reg Number ;2020/242953
Department ;COMBINED SOCIAL SCIENCE (Economics and Psychology).
Email address :alokaanita@gmail.com. A General Ledger :is a group of accounts that give you information regarding the detailed transactions with respect to each of such account. Examples are:;Asset Account such as Cash, Account Receivable, Inventory, Investment, Land & Equipment.
2)Liability Account :including Notes Payable, Accounts Payable, Accrued expenses Payable, & Customer Deposit.
General Journal :is the book that records all the daily entity of financial transaction in it.
DIFFERENCE BETWEEN LEDGER and JOURNAL.
.• Journal is called “book of Original entry “, While Ledger is called “book of Second entry”.
•The act of Journaling is called Journalizing, the act of Ledgering is called Posting.
•Balancing is not required in journal
Balancing is mandatory in Ledger.
•In Journal, the narration is must to understand the nature of entry.
In Ledger, narration is Optional.

Name: MBA GIFT AGU
Department: ECONOMICS
Registration number:21266099GA
Email: giftyeya2002@gmail.com
THE DIFFERENCE BETWEEN THE GENERAL LEDGER AND THE GENERAL JOURNAL

Every well – structured organization that transacts, should deem it a necessity for the documentation of its entries to be well organized toascertain its progress. One of the platforms to know this,is the double entry system which includes general ledger and general journal. These entries have their functions which differentiates them and these are;

GENERAL LEDGER: This is the foundation of a system employed by the accountants to store and organise financial data used to create the firms financial statement. it is used to record all relevants accounts. Its account must be balanced. In this entry, the narration of how a transaction went is optional. It figures are used for regulated financial reporting. It is known as a book of principle. It method of reporting is termed posting. It can be used to create charts of accounts. It is also referred to as an extension of the journal where journal entries are marked by the company and its general ledger account based on which of the financial statements the company has prepared.

WHILE THE LATTER;
GENERAL JOURNAL is the book of original entry that accountants use to record business transactions in accordance with the date the transaction took place. It can also be said to be arranged chronologically. It is also known as a subsidiary book. It doesn’t record everything that happens to the business but it does record every financial transactions.Balancing of an account in the journal entry is not mandatory. It narration must be concise for it to be understood. The method of reporting in a journal entry is known as journalising. It is known as the first step of accounting cycle because all transactions are analyzed as journal entries.

NAME : MUOKEBE CHIAMAKA FAITH
REG. NO:2020/244660
DEPT: SOCIAL SCIENCE (EDUCATION AND ECONOMICS)

The key difference between General journal and General ledger is that :

General journal is the journal of company in which initial record keeping of all the transaction is done which are not recorded in any of the specially journal maintained by the company like purchase journal, sale journal, cash journal etc

Whereas, General ledger prepared by the company is the set of different master account in which the transaction of the business are recorded from related subsidiary

2. The general journal is a formal accounting record that tracks every business transaction for a company.

While General ledger is used to prepare a company’s financial statement.

3. A general journal is typically used for investigation.

While Accountants use a General ledger to prepare a trial balance, which is finalized for business’s financial reporting. It is used to make financial statements to determine a company’s account balance.

4. General journal is refers to the book of accounts that record every business transaction in chronogical order

While General ledger refers to the book of accounts which contains the entries, classified based on affected account types, After being posted into generaljournal and finally making it way to general ledger

5. General journal is the first point of entry of any kind of business transaction to make it to the company ‘s book of accounts

While, General ledger is the second point of entry in accountancy for recording a transaction after it enters the accounting system through a general journal.

6. General ledger is one more book of accounts that records the transaction, after being posted into general journal., based on the type of account affected by the transaction In terms of credit and debit

While, General journal is one of the book of accounts that records every business transaction relating to all the accounting items like sakes, inventory, accounts receivables, accounts payable, adjustment entries etc

7. The purpose of a General journal is to provide the first location for transaction entries.once an item is recorded, it goes from the journal to a ledger. It acts aa a place to store over all transaction data, which can be broken down into small ledgers.
8. General journal is a document that records business transactions in sequential order.

While, General ledger, entries are summarized without more detail.

Conclusion :The General journals provide necessary information for balancing account ledgers, journal themselves are not balanced. The figures in a general ledger are used for regulated financial reporting, while journal may be used to provide additional information for auditing purposes, but not for regillatory report.

Name: OTSONU RAWLINGS
Department: Economics
Faculty: Faculty of Social Sciences
Reg/No. 29752699EF
Course Code: ECO 121
Level: 100
Email address: otsonurawlings@gmail.com

Question: Differentiate between General Ledger and General Journal.
Responses
The differences between The General Ledger (GL) and The General Journal (GJ):
A ledger is a book of account, used for keeping overall record of the transactions. It is the collection of accounting entries, consisting of credit and debit. While journal is the book containing the unit record of account, which is entered by stating the transaction details and description on the basis of time unit, stating the subject or type of transactions. It is also called daybook. It has the daily record, which can be later transferred summarily in ledger.
The discrepancies between The General Ledger and General Journal can be liken to what happens when we want to use a bowl to fill a bigger bucket or when we are measuring fuel based on unit litre to fill a tank in the sense that the unit litre is counted sequencialy from 1litre, 2l, etc. to make a full tank.This is because the journal is a book of entry that measures or gives account details of transaction(s) based on unit of entry, and the time when the transaction was done in a particular type of transactions. While the ledger can in turn summarize different journal entries once or at a trench of accounting entries in an accounting system, using the two determinant of accounting flow of entries (credit and debit).
We can also put it that generate journal entails the main entries or original entries for transactions that are of low-volume. It is the initial and the first book, where any transaction that takes place is recorded in the accounting system. Journals may be of different forms, with each made to contain only a specific category of transportations or particular type of transactions, such as: cash disbursements, sales journal, and can also be designed to have all other types of transactions combined together in one book entry, which may be recorded in the general journal, such as entries on depreciation, sales of assets, interest on income, sales of bond, or share(s), etc.
Then General Ledger encompasses a clear and concised record of all recordes transactions, which may not be for a specify type or types of transactions. However, General Journal is a catc-all location for the first entry of a certain transaction that does not occur in much volume. It’s the first unit record of petty transaction, which are yet to meet up with the sufficient volume of recordation in a specialized journal. Such transactions are recorded on order of time when each transaction was made, from the earlier to the later. General Ledger in the other hand, is that book for keeping overall record of the transactions that may have reached or meet up with the sufficient volume of recordation in a specialized book. They must not be recorded in order of time unit, unlike the journal.
Differentiating the two concepts based on the level of details stored: the GL contains a summary at the accounting level of every transaction, which a business has engaged, gotten from different journals. I e after different journals have been kept, they are recompiled, making up ledger as a summary, just like a textbook summarizes the contents in it. The content represent the journal, while summary of it takes the Ledger. The ledger then gives birth to Trial Ballance, though made out of collection of journals.
Journal entries do not emphasize much on Credit and Debit entries like Ledger entries do.

Name: Onyebueke Peace Oluchi
Department: Economics
Reg no: 2020/242616
Email: peaceoluchi22nov@gmail.com
General Journal is a daybook in which transactions relating to adjustment entries, opening stock, depreciation are recorded.
General ledgers is the main account of a company. It is also known as nominal ledger.
Differences between General Journal and General ledgers
_General journal is the first place where data are recorded. While General ledger is subsequently posted in general ledger.it is summary of Evey recorded transactions
_General journal consists raw accounting entries that records business accounting like journals vouchers, copies of management reports and invoices. While ledgers have entries like account payable, accounts receivable, cash management and fixed assets
_In General Journal these transactions are recorded in chronological order, which makes the general Journal an excellent place to research accounting transactions by date but ledger are not.
_ledgers is an extension of the journals where journal entries are recorded by the company.

NAME: IZUCHUKWU CHIDIMMA MARYJANE.
DEPARTMENT: SOCIAL SCIENCE EDUCATION.
UNIT: ECONOMICS EDUCATION.
REG.NO:2020/242685.
EMAIL: maryjanechidio@gmail.com.
TOPIC: DIFFERENCES BETWEEN THE GENERAL JOURNAL AND THE GENERAL LEDGER.
In accounting the two accounting books are necessary for recording business transactions and also the both books prepared using double entry systems. There are differences between the general journal and the general ledger which include;
1. General journal are book of original entries used by accountants to record raw business transactions while the general ledger are subseqent book used to record all the day to day business transactions.
2. General journal are also referred to as subsidiary book while General ledger are also referred to as principle book.
3. In general journal entries such as assets sold,bad debt, depreciation are being recorded while in general ledger entries such as owners capital, revenue, liabilities, and expenses are being recorded.
4. The act of recording business transactions in a general journal is known as journalizing while in general ledger the act of recording business transactions is known as posting.
5. In general journal the credit and debit entries are being recorded on the right handside while in general ledger the credit entries are being recorded on the right handside while the debit entries are being recorded on the left handside.
6. In general journal transactions are being recorded in a chronological order while in general ledger transactions are being recorded in an analystical order.

Name ; Odu Gideon Odu
Reg no ; 2020/242639
Email ; godu430@gmail.com
The differences between general journal and general ledger
General ledger
A general ledger represents the record-keeping system for a company’s financial data, with debit and credit account records validated by a trial balance. It provides a record of each financial transaction that take place during the life of an operating company and holds account information that is needed to prepare the company’s financial statement.
How a general ledger work
A general ledger is the foundation of a system eemployed by accountant to store and organize financial statements. Transactions are posted to individual sub-ledger accounts by the company’s chart of accounts.
General journal
A general journal is a day book or subsidiary journal in which transactions relating to adjustment entries opening stock, depreciation, accounting errors etc are recorded. Journals are prime entry books, and may also be referred to as books of original entry, from when transactions were written in a journal before they were manually posted to accounts in the journal ledger or a subsidiary ledger. journal entries are the first step in the accounting cycle where an accountant or book keeper analyzes the business transaction that occurred every day in business and then recorded a journal entry on the general journal.
Differences between general ledger and general journal.
The general ledger contains a summary of every recorded transactions, while the general journal contains the original entries for most low volume occurs, it is first recorded in the accounting system in a journal.
The transactions are recorded in the journal in chronological order of dates just after their occurrence while transactions are posted in the ledger in classified from the journal.
Journal helps in preparing ledger accounts correctly while the object of the ledger is to know the income and expenditure of different heads.
Preparation of trial balance is not possible from the journal while the trial balance is prepared from the ledger.

Name ; Odu Gideon Odu
Reg no ; 2020/242639
Email ; godu430@gmail.com
The differences between general journal and general ledger
What is a General ledger;
A general ledger represents the record-keeping system for a company’s financial data, with debit and credit account records validated by a trial balance. It provides a record of each financial transaction that take place during the life of an operating company and holds account information that is needed to prepare the company’s financial statement.
How a general ledger work
A general ledger is the foundation of a system eemployed by accountant to store and organize financial statements. Transactions are posted to individual sub-ledger accounts by the company’s chart of accounts.
General journal
A general journal is a day book or subsidiary journal in which transactions relating to adjustment entries opening stock, depreciation, accounting errors etc are recorded. Journals are prime entry books, and may also be referred to as books of original entry, from when transactions were written in a journal before they were manually posted to accounts in the journal ledger or a subsidiary ledger. journal entries are the first step in the accounting cycle where an accountant or book keeper analyzes the business transaction that occurred every day in business and then recorded a journal entry on the general journal.
Differences between general ledger and general journal.
The general ledger contains a summary of every recorded transactions, while the general journal contains the original entries for most low volume occurs, it is first recorded in the accounting system in a journal.
The transactions are recorded in the journal in chronological order of dates just after their occurrence while transactions are posted in the ledger in classified from the journal.
Journal helps in preparing ledger accounts correctly while the object of the ledger is to know the income and expenditure of different heads.
Preparation of trial balance is not possible from the journal while the trial balance is prepared from the ledger.

ORJI Harrison Chukwuemeka 1 week ago
NAME: Orji Harrison Chukwuemeka
REG NUMBER: 21841174FA
EMAIL ADDRESS: emekavalentine20@gmail.com

The differences between a General ledger and a General journal.

GENERAL LEDGER
General ledger accounting refers to recording and accounting used in storing and sorting out income statement and balance sheet transactions. General ledger accounts are diverse such as investments, cash, land, accounts receivable, to equipment and inventory. It also includes general ledger liability accounting where accounts could include customer deposits, notes payable, expenses payable accrued and accounts payable.it contains income statements in their accounting, which include entries such as interest expense, sales, salaries expense, disposal assets loss, advertising expense, rent expense among others.
It holds accounting information containing both liabilities and assets, which essentially indicate the activities of the business.

GENERAL JOURNAL
It usually holds the record of such transaction that are not recorded in any other journal. In other words such transactions for which no separate journal is kept ended up in general journal. For example, sale or purchase of non-current asset, additional capital invested in the business.

Most often separate journals are maintained sale and purchase of inventory and any other transaction is recorded in general journal. However, entity may have even more journals depending on the information needs.

NAME: EZEILO AMARA MARVELOUS
REG NO:21981573BA
EMAIL: marvellousamara88@gmail.com

What is a General Ledger?
The general journal is the first book where transactions are been recorded, it is known as the book of original entry. It has columns for dates, serial number as well as debt and creditors. We have purchase and sales journals.
What is a General Journal ?
It is a subsidiary book where transactions relating to open stocks,accounting errors,depreciation and adjustment entry are recorded.A journal has at least four columns containing credit column,posting reference,account tittle and date.
Differences Between General Ledger and General journal.
1. General Ledger contains a summary of every recorded transactions while the General Journal contains the original entries for most low-volume transactions.
2. General Ledger stores the summary level information from each of the journal, while general journal where those transactions are first recorded that are not being stored in a subject specific journal.
3. General Ledger is a principal book while General Journal is a subsidiary book.
4. General Ledger is recorded in analytical order while General Journal is recorded in chronological order.
5. General Ledger is a book which helps to transfer all the transactions into separate accounts while General Journal is the book which all the transactions are recorded when the need arises
6. General Ledger deals with large trends and overall shifts in funds while General Journal deals with keeping track of each individual events.

NAME: OLUCHUKWU FAVOUR ONYEDIKACHI
FACULTY: SOCIAL SCIENCE
DEPARTMENT: ECONOMICS
REG NUMBER: 2020/242610
EMAIL: oluchukwufavour619@gmail.com

The General journal and General ledger are both duality i.e are components of a double-entry accounting system. For a better understanding on how a double-entry system functions, we need to have a clear understanding of the differences between the general journal and general ledger, which are noted below.

General Journals
Simply defined, the general journal refers to a book of original entries, in which accountants and bookkeepers record raw business transactions, in order according to the date of occurrence. A general journal is the first place where data is recorded. Examples of entries made into the general journal are asset sales, depreciation, interest income, interest expense, and the sale of bonds or shares in the company to investors.

General Ledgers
A general ledger is a book that accountants or bookkeepers use to record all relevant accounts. The general ledger contains a summary of every recorded transaction. Examples of entries made in a general ledger are assets, liabilities, owner’s capital, revenues, and expenses. After compilation, the account balances are calculated and transferred from the general ledger to a trial balance before appearing on a company’s official financial statements.

Thus, the general journal is where those transactions are first recorded that are not being stored in a subject-specific journal, while the general ledger stores the summary-level information from each of the journals.

Reg Number-2020/242940
Department-Combined social science(Economics and sociology)

DIFFERENCE BETWEEN GENERAL LEDGER AND GENERAL JOURNAL

A general ledger contains a summary of every recorded transaction WHILE the general journal contains the original entries for most low volume transactions.

Also the GENERAL LEDGER contains the accounts used to sort and store a company’s transactions.While GENERAL JOURNAL is used to record unique journal entries that cannot be processed in a more efficient manner.

The General Ledger is organized in the following order;

Balance sheet accounts: assets, liabilities, stockholders equity
Income statement accounts: operating revenues, operating expenses, other revenues and gains, other expenses and losses
The balances and activity in the general ledger accounts are used to prepare a company’s financial statements.

A GENERAL JOURNAL is used to record for example, checks written, sales invoices issued, purchase invoices received, and others can be recorded in a computerized accounting system when the documents are processed.Examples of entries to be recorded are;Bad debts,Depreciation,Sale of an asset used in the business
ther and adjusting entries

A General ledger is used to record,store and summarize a company’s transaction WHILE in a General journal you must enter the account to be debited and the account to be credited along with their amount and brief description.

Reg. Number:20022678IA
Department: Economics

General Ledger deals with a record keeping system which is used to sort, store, and summarize a company’s or business financial transactions. It has four basic components:
a journal entry, a description, debit and credit columns, and a balance.

General Journal is a day book or subsidiary journal in which transactions relating to adjustment entries, open stock, depreciation, accounting errors etc are recorded. A typical general journal has at least five columns comprising; date, account title, posting reference and credit columns.

Differences between general ledger and general
journal;
1. General Ledger contains a summary of every recorded transactions while the General Journal contains the original entries for most low-volume transactions.
2. General Ledger stores the summary level information from each of the journal, while general journal where those transactions are first recorded that are not being stored in a subject specific journal.
3. General Ledger is a principal book while General Journal is a subsidiary book.
4. General Ledger is recorded in analytical order while General Journal is recorded in chronological order.
5. General Ledger is a book which helps to transfer all the transactions into separate accounts while General Journal is the book which all the transactions are recorded when the need arises
6. General Ledger deals with large trends and overall shifts in funds while General Journal deals with keeping track of each individual events.

REGISTRATION NUMBER:20175260CA
DEPARTMENT: Education and Economics
When it comes to tracing the finances or activities of a business, a double entry accounting is used which is Know as the best method for tracking a company’s overall financial data for a smooth and profitable business which requires both general ledger and general journal
GENERAL LEDGER
Is a principal book that contains a summary of every recorded transaction that enables to transfer all the financial transactions into different and separate accounts. The information is then aggregated further into a trial balance from which the financial statements are created. The general ledger tracks five prominent accounting items which are assets, liabilities, owner’s capital, revenues and expenses.
GENERAL JOURNAL
Is a subsidiary book where raw informations and financial transactions that contains the original entries for most low volume transactions are recorded in order according to the date or event occur , then are entered into individual accounts which is general ledger. The format of a general journal include data like date, debit amount and the credit amount, particulars, ledger, folio etc.

NB:In ledger narration is not compulsory but it’s compulsory in journal
Ledger must be in balance while journal does not require balancing
Ledger is the second entry and it’s created from journal while journal is the first step and it’s recorded before journal is created

Name: Orji Uzoamaka .J.
Reg. No. 2020/242612
Department: Economics
Email address: orjiuzoamaka2019@gmail.com
Difference between General ledger and general journal
General ledger: This is an account or record used by accountants to sort,store& summarize a company’s transactions.It records all the transactions of a company, It includes detailed Information description,amount, dates and may include some descriptive information on what the transaction was.
The general ledger tracks five prominent Accounting items which include: assets , liabilities, owner’s capital, revenue and expenses.
General journal: This refers to book of original entries in which accountants and book keepers record raw business transactions,in order ,according to the date events occur.
It is the first page where data is recorded and every page in the item features dividing columns for dates, serial numbers, as well as debit or credit.

Differences includes
The general journal records financial transactions for the first time and posted in to individual accounts which is known as the general ledger
In general journal, financial transactions must be recorded sequentially . In general ledger, the financial transactions are recorded based on those accounts recorded in the journal.
The general ledger contains a summary of every recorded transaction.However,the general journal contains the original entries for most low volume transactions.
In general journal, credit and debit columns are presented but on the flip side, In general ledger ,transactions are posted in classified form under respective heads of aaccounts.Moreso, trial balance is prepared from ledger.
In the general journal, narration should be written to support that journal entry and provide its justification for posting it. On another hand, in the general ledger, there is no specific requirement for writing and narration.

Ekwegbara Everestar Chibugo
Reg no. 2020/243840
Email: ekwegbaraeverestar@gmail.com

WHAT IS A GENERAL JOURNAL?
The general journal
is one of the books of accounts that records every business transaction relating to all the accounting items like sales, inventory, accounts receivables, accounts payables, adjustment entries, etc. in chronological order. It is the entry point for any kind of business transaction to make its way into the books of accounts of the company before it flows to the next level of classification of transactions in accountancy. It must be noted that there is a concept of duality in accounts that results in a double-entry accounting system
. Hence, every business transaction is recorded in such a way that it affects two accounts in terms of credit and debit entry.

WHAT IS GENERAL LEDGER?
Once a transaction is posted into a general journal, the next step is to classify the transactions based on the accounts which they affect. So general ledger is one more book of accounts that records the transaction, after being posted into a general journal, based on the type of account affected by the transaction in terms of credit and debit.

DIFFERENCE BETWEEN GENERAL JOURNAL AND LEDGER
The main difference between them is that the general journal serves as the original book of entry. Both of these books of accounts provide a way to record business transactions through the double-entry accounting system via debits and credits.

First, the business transaction is recorded in the general journal, and then the entry is posted in respective accounts in the general ledger. After the balances for accounts are calculated, the entries are transferred from the trial balance.

A general journal usually contains columns for serial numbers, dates, accounts, and debit or credit records in addition to describing every transaction. Companies also include some account-specific journals such as sale or purchase journals
, which records only specific types of transactions, whereas general journals record all remaining transactions.

A general ledger contains all relevant details regarding all the accounts for which entries are already present in the general or specific journals. A ledger takes into consideration five accounting items:
Expenses
Assets
Revenues
Liabilities
Shareholder’s Equity

Unlike the format of a journal, a ledger has a two-columned, T-shaped table for every accounting item with an account title at the top and a record of debit and credit entries. As per the convention followed, left the side of the T-shaped table usually contains the debit
entries, the right of the T-shaped table contains the credit entries. Many companies also mentioned some journal-specific information into a general ledger like serial numbers, dates, and description of the transactions.

The General Journal is called the book of an original journal entry, but to the contrary, the Ledger is a book of subsequent or say the second entry.

The general Journal as stated earlier is a subsidiary book, whereas the general Ledger on other hand is a principal book.

In the general journal, financial transactions must be recorded sequentially. To the contrary, in the general ledger, the financial transactions are to be recorded based on those accounts.

Credit and Debit are the columns in the general journal, but on the flip side, the general ledger, they are the two opposite sides.

In the general journal, financial transactions must be recorded in chronological order, whereas in the general ledger, these financial transactions must have to be recorded in an analytical order.
General Ledger accounts should be balanced, but to the contrary, the general journal is not required to be balanced.

CONCLUSION
THE GENERAL JOURNAL is a catch-all book of accounts where initial entry of the business transaction is recorded for the first time, in chronological order, making general journal an excellent place to review accounting transactions.

THE GENERAL LEDGER
is more of a summary at the account level of every business transaction, which comes from various journals containing chronological accounting entries. This information entered into the journal and summarised into the ledger is then aggregated further into a trial balance, which is used to generate the financial statements of the business entity

Name: Eleazu Kamcy Godwin
Reg no:2020/242589
Department: Economics
General ledger is also called nominal ledger and refers to a record containing individual account showcasing transactions releating to each of such account. General ledger is the PRINCIPAL BOOK OF ACCOUNTING SYSTEM and it is the record of all the account of the company and is based on the accounting equation
Assets=Liabilities+Capital
General journal on the other hand is a subsidiary book in which day to day transactions of the company are made and transactions releating to adjustment entries or opening stock or depreciation. General journal is also the first phase of accounting where all the account are recorded originally in chronological order.

Name:Okparaaluu Dominion Chukwumaife
Department: Economics
Reg no:20136075ff
Email: okparadominion@gmail.com
Assignment:Eco 121 Differences between general ledger and general journals.

The general ledger and general journals are both components of a double-entry accounting system.in order to understand how a double-entry system functions,we need to have a clear understanding of the differences between the general ledger and general journals.

Further more – General ledger is also known as a nominal ledger,is a book-keeping ledger in which accounting data is posted from journals and from subledgers,such as accounts payable, accounts receivable,cash management, fixed assets, purchasing and projects.

A general journal is a daybook or subsidiary journal in which transactions relating to adjustment entries, opening stock, depreciation, account errors etc are recorded.
Note: General journals is also known as the Book of an original journal entry.

THEN let’s see the DIFFERENCE between the general ledger and general journals.

*The general journals is a book in which all the financial transactions will be recorded for the very 1st time and when these financial transactions are recorded or say are entered in the general journals,then they will be posted into individual account which we called as general ledger.
* In the general journal, narration should be written to support that journal entry and provide its justification for posting it.on another hand,in the general ledger, there’s no specific requirements for writing any narration.
* The general journal is called the book of an original journal entry, but to the contrary, the ledger is a book of subsequent or say the second entry.
*Credit and debit are the columns in the general journal, but on the flip side, the general ledger, they’re the two opposite sides.
*The general journal as stated earlier is a subsidiary book,whereas the general on other hand is a principal book.
*In the general journal, financial transactions must be recorded sequentially.to the contrary,in the general ledger, the financial transactions are to be recorded based on those accounts.
*In the general journal, financial transactions are recorded in chronological order, while in the general ledger,these financial transactions must have to be recorded in an analytical order.
*General ledger accounts should be balanced, but to the contrary, the general journal is not required to be balanced.

Name: Ukeje Nmesoma Claudia
Faculty: Social science
Department: Economics
Reg. No: 20650901EF

1.) The general journal is the book that contains records all of the daily financial transactions in it. It is also called a book of original entries because all of the transactions are records in this book before moving to other books.

The entity also records other non-financial transactions that occur in the business. The non-financial transaction include depreciation, adjustments as well as an accrual. Those financial transactions including sales transactions, purchase transactions, cash receipts, cash payments, and many other important financial transactions.
In bookkeeping, a general ledger, also known as a nominal ledger, is a bookkeeping ledger in which accounting data is posted from journals and from subledgers, such as accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects. A general ledger is the foundation of a system employed by accountants to store and organize financial data used to create the firm’s financial statements. Transactions are posted to individual sub-ledger accounts, as defined by the company’s chart of accounts.

*Differences between a general ledger and general journal*
The general ledger and general journal are both components of a double-entry accounting system.
The general ledger contains a summary of every recorded transaction, while the general journal contains the original entries for most low-volume transactions. When an accounting transaction occurs, it is first recorded in the accounting system in a journal. There may be several journals, which are either designed to contain special types of transactions (such as for cash receipts, cash disbursements, or sales) or for all other types of transactions. These other transactions are recorded in the general journal. Examples of entries made into the general journal are asset sales, depreciation, interest income, interest expense, and the sale of bonds or shares in the company to investors.

Thus, the general journal is a catch-all location for the initial entry of certain transactions that do not occur in sufficient volumes to deserve recordation in a specialized journal. These transactions are recorded in chronological order, which makes the general journal an excellent place in which to research accounting transactions by date.

Level of Detail Stored
The general ledger contains a summary at the account level of every transaction that a business has engaged in. This information comes from the various journals in aggregated form, in summary-level entries. The information in the general ledger is then aggregated further into a trial balance, from which the financial statements are created.

Thus, the general journal is where those transactions are first recorded that are not being stored in a subject-specific journal, while the general ledger stores the summary-level information from each of the journals. This means that the general journal contains a larger amount of detailed accounting information than the general ledger, which in turn contains more detailed information than the financial statements.

Name:Ani Chisom Promise
Dept.:Economics
Matric no:2020/242569
DIFFERENCE BETWEEN A GENERAL LEDGER AND A GENERAL JOURNAL.
A ledger is a book or collection of accounts in which account transaction are recorded.A ledger contains the information that is required to prepare financial statements.
A journal is a detailed account that records all financial transaction of a business to be used for the future reconciling of accounts and the transfer of information to other official accounting records such as general ledger.
Then the difference between general ledger and general journal is that general ledger contains the total of every recorded transaction,while the general journal contains the original entries for most low volume transaction.
The general ledger is a chronological or date order record of the transactions of a business,The general journal can be compared to individual person’s diary,like a diary ,the general journal is a place that have affected the business.Recording a transaction in the general journal is referred to as journalizing the transaction to record a journal entry:1.Record the date 2.Record the debit part of the entry by entering the account title and then entering the amount in the debit Columbia.3.Record the credit part of the entry on the next line by indenting the account title and then entering the amount in the credit column.4.Write the explanation describing the entry.
Because the information in the general journal is organized by date not by account,the information it provides is not very useful.To be more useful information must be organized by account.Therefore general ledger was created.The general ledger is a group of all the accounts of a business with their balances.it shows the amounts of Assets,liabilities and the stockholders’ equity accounts on a given date .Once transactions have been entered in the general journal,the information is then transferred to the general ledger.The process of transferring information from the general journal to the general ledger is called posting .

Name: Enyi Favour Onyiyechi
Reg no: 2020/242586. Department: Economics
Email: favourenyi9@gmail.com

When it comes to tracking the finances of a business, a double-entry accounting system that uses both a general ledger and a general journal is arguably the best method for tracking a company’s overall financial data and keeping operations running smoothly and profitably.

What is a General Journal?
Simply defined, the general journal refers to a book of original entries, in which accountants and bookkeepers record raw business transactions, in order according to the date events occur. A general journal is the first place where data is recorded, and every page in the item features dividing columns for dates, serial numbers, as well as debit or credit records.Some organizations keep specialized journals, such as purchase journals or sales journals, that only record specific types of transactions.

What is a General Ledger?
A general ledger is a book or file that bookkeepers use to record all relevant accounts. The general ledger tracks five prominent accounting items: assets, liabilities, owner’s capital, revenues, and expenses.Each accounting item is displayed as a two-columned T-shaped table. The bookkeeper typically places the account title at the top of the “T” and records debit entries on the left side and credit entries on the right. The general ledger sometimes displays additional columns for particulars such as transaction description, date, and serial number.
Haven said the definitions of a general journal and a general ledger, let’s see the difference between them in terms of types of information and details stored.
The general ledger contains a summary of every recorded transaction, while the general journal contains the original entries for most low-volume transactions. When an accounting transaction occurs, it is first recorded in the accounting system in a journal. There may be several journals, which are either designed to contain special types of transactions (such as for cash receipts, cash disbursements, or sales) or for all other types of transactions. These other transactions are recorded in the general journal. Examples of entries made into the general journal are asset sales, depreciation, interest income, interest expense, and the sale of bonds or shares in the company to investors.

The general ledger contains a summary of every recorded transaction, while the general journal contains the original entries for most low-volume transactions. When an accounting transaction occurs, it is first recorded in the accounting system in a journal. There may be several journals, which are either designed to contain special types of transactions (such as for cash receipts, cash disbursements, or sales) or for all other types of transactions. These other transactions are recorded in the general journal. Examples of entries made into the general journal are asset sales, depreciation, interest income, interest expense, and the sale of bonds or shares in the company to investors.

Thus, the general journal is a catch-all location for the initial entry of certain transactions that do not occur in sufficient volumes to deserve recordation in a specialized journal. These transactions are recorded in chronological order, which makes the general journal an excellent place in which to research accounting transactions by date.

NAME: OBODO EJIKE JOEL
REG NUMBER: 2020/242620
DEPARTMENT: ECONOMICS
EMAIL: obodoejike@gmail.com

In general, a business accounting system is designed to keep track of where money comes from and where it goes. … The purpose of the ledger is to track broad trends and overall shifts in funds while the importance of the general journal in accounting is to keep track of each individual event.
In view of the above assertion, clearly analyse the differences between a General ledger and a General journal ?

Answer;
A General ledger also knows nominal ledger, is a means for keeping record of a company’s total financial accounts. Accounts typically recorded in a general ledger include: assets, liabilities, equity, expenses, and income or revenue. The general ledger definition may include a physical or digital record of such information, potentially embedded in a more sophisticated system of accounting software.

A General ledger is a bookkeeping ledger in which accounting data is posted from journals and from subledgers, such as accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects.(Wikipedia)

General Ledger in simple language is grouping of transactions of similar nature. An organization has multiple transactions in a day. Every transaction leads to two entries as per the double entry system of bookkeeping. These entries are then posted in respective accounts called ledgers

General journal
A general journal is a daybook or subsidiary journal in which transactions relating to adjustment entries, opening stock, depreciation, accounting errors etc. are recorded. The source documents for general journal entries may be journal vouchers, copies of management reports and invoices.( Wikipedia)

General Journal refers to a book of original entries, in which accountants and bookkeepers record raw business transactions, in order according to the date events occur. A general journal is the first place where data is recorded, and every page in the item features dividing columns for dates, serial numbers, as well as debit or credit records.
DIFFERENCE BETWEEN GENERAL LEDGER AND GENERAL LEDGER
1. The General journal consists of raw accounting entries that record business transactions, in sequential order by date. WHILE The general ledger is more formalized and tracks five key accounting items: assets, liabilities, owner’s capital, revenues, and expenses.
2. The general ledger contains a summary of every recorded transaction, while the general journal contains the original entries for most low-volume transaction
3. The general journal contains a larger amount of detailed accounting information than the general ledger, which in turn contains more detailed information than the financial statements.

Name: Eze Faith Chioma
Reg no: 2020/242584
Email: ezefaith2003@gmail.com
DIFFERENCE BETWEEN GENERAL LEDGER AND A GENERAL JOURNAL.
They general ledger contains a summary at the account level of every of every transactions that a business has comes from the various journals aggregated form in summary entries. The information in the general legged is then aggregated further into a trial balance from which the financial statements are created. General ledger is one more book of accounts that records the transaction after being posted into a general journal based on the type of account affected by the transaction in terms of credit and debit.
Thus, the general journal is where thos first transactions are first recorded that are not being stirred ina subject specific journal while the general ledger stores the summary level information from each of the journals. This means that the general journals contains a ledger amount of detailed accounting information than the general ledger which in turn contains more detailed information than the financial statements. The general journal is one of the books of account that records every business transactions relating to all the accounting items like sales, inventory, accounts receivables, accounts payables, adjustments enteries etc

Chukwuemeka Precious Messoma
2020/242580
ECONOMICS
Difference Between General Journal And General Ledger.
General Journal
This is a book that firstly records all of the daily financial transactions in it.it is also called a book of original entries because all transactions are recorded in this book before moving to another book. it’s a subsidiary book,it’s the first step recorded before Ledger is created.its narration should be there to understand the kind and the nature of entry,the format of the general Journal includes dates,debits and credits amount,particulars e.t.c
General Ledger
It’s the foundation of a system employed by accountants to store and organise financial data used to create the firm’s financial statements.the transactions are posted to individual sub Ledger account as defined by the company’s chart of accounts.this Ledger is created from general Journal and it’s a summary of every recorded transactions.its narration is not compulsory and its format is the “T” format where one had to insert date and amount on both sides

Name: Ezeuba Gloria Chinecherem
Department: Economic
Reg No: 29771759CA
Email: glorianeche8@gmail.com

The definition of a general Ledger and a general journal is;
A general journal is a daybook or subsidiary journal in which transactions relating to adjustment entries, opening stock, depreciation, accounting errors etc. are recorded. The source documents for general journal entries may be journal vouchers, copies of management reports and invoices. Journals are prime entry books, and may also be referred to as books of original entry, from when transactions were written in a journal before they were manually posted to accounts in the general ledger or a subsidiary ledger.
General Ledger refers to a record containing individual accounts showcasing the transactions related to each of such accounts. It is a group or collection of accounts that give you information regarding the detailed transactions with respect to each of such accounts.

Then, the different between the general Journal and the general ledger. The general ledger and general journal are both components of a double entry accounting system.

1. The general journal, narration should be written to support that journal entry and provide its justification for posting it. while, in the general ledger, there is no specific requirement for writing any narration.

2.The general journal, financial transactions must be recorded sequentially. To the contrary, in the general ledger, the financial transactions are to be recorded based on those accounts.

3.The general Journal as stated earlier is a subsidiary book, whereas the general Ledger on other hand is a principal book.

4.The General Journal is called the book of an original journal entry, but whereas, the Ledger is a book of subsequent or say the second entry.

5.General Ledger accounts should be balanced, While, the general journal is not required to be balanced.

6. the general journal, financial transactions must be recorded in chronological order, whereas in the general ledger, these financial transactions must have to be recorded in an analytical order.

Ozonwoye Adaeze MaryAnn
Economics
2020/242617
adaezeozonwoye@gmail

An accounting system is a system designed to keep track of expenses, income, and other activities;basically to keep an eye on all data that affect the finances of a business organization. The general ledger and the general journal are the two most commonly used systems, they keep accounting records essential to maintaining the financial status of a business. While the ledger provide accurate accounts of daily transactions that can be balanced to form a budget or calculate total assets, the journal give details and list every transaction in a separate document.
In view with the above statements, the differences between a general ledger and a general journal are:
1.A general ledger transfer all the financial transactions into different and separate accounts, while a general journal records financial transactions as and when they occur.
2. While a general journal is the first or original point of entry of any financial transaction and it is recorded before the ledger, the general ledger is the book of subsequent or second entry and it is created from the general journal.
3. The general ledger is a principal book while the general journal is a subsidiary book.
4. The format of the general ledger is the “T” format where one needs to insert date and amount on both sides, while the format is column-wise containing data such as date, debit amount, credit amount, particulars and ledger folio.
5. In a general ledger, the entry is recorded in account-wise, while in the general journal, the entry is recorded as per the transaction date.
6. In the general ledger, narration is not compulsory, but in the general journey, narration is required to understand the kind and nature of entry.
7. The journal consists of raw accounting entries that record business transactions in sequential order by date, while the general ledger is more formalized and tracks five key accounting items: assets, liabilities, owner’s capital, revenue and expenses.
8. General ledger accounts must be balanced, but to the contrary, the general journal is not required to be balanced.
9. The process involved on a ledger is called posting, while the process involved In a journal is called journalizing.

Name: Nudubuisi Chinenye
Department: Economics
Reg. number: 20786563DF
EMAIL: ndubuisichinenye28@gmail.com
Date: Wednesday 1st September, 2021.
Topic: THE DIFFERENCE BETWEEN A GENERAL.
LEDGER AND A GENERAL JOURNAL.

THE GENERAL LEDGER:
The general ledgers are simple ledgers for nominal and real accounts, like the expenses account, income account, sales account, purchase account and assets account.

THE GENERAL JOURNAL:
The general journal is a book of original entry or prime entires which recorded transactions in chronological order. It is the day to day recording of transactions arranged according to when something happened.

The general ledger and general journal are both components of a double-entry accounting system. In order to understand how a double-entry system functions, we need to have a clear understanding of the differences between the general ledger and general journal, which are noted below.

TYPES OF INFORMATION STORED:
The general ledger contains a summary of every recorded transaction, while the general journal contains the original entries for most low-volume transactions. When an accounting transaction occurs, it is first recorded in the accounting system in a journal. There may be several journals, which are either designed to contain special types of transactions (such as for cash receipts, cash disbursements, or sales) or for all other types of transactions. These other transactions are recorded in the general journal. Examples of entries made into the general journal are asset sales, depreciation, interest income, interest expense, and the sale of bonds or shares in the company to investors.

Thus, the general journal is a catch-all location for the initial entry of certain transactions that do not occur in sufficient volumes to deserve recordation in a specialized journal. These transactions are recorded in chronological order, which makes the general journal an excellent place in which to research accounting transactions by date.

LEVEL OF DETAIL STORED:
The general ledger contains a summary at the account level of every transaction that a business has engaged in. This information comes from the various journals in aggregated form, in summary-level entries. The information in the general ledger is then aggregated further into a trial balance, from which the financial statements are created.

Thus, the general journal is where those transactions are first recorded that are not being stored in a subject-specific journal, while the general ledger stores the summary-level information from each of the journals. This means that the general journal contains a larger amount of detailed accounting information than the general ledger, which in turn contains more detailed information than the financial statements.

DECLINE IN THE USE OF JOURNALS:
The use of journals has declined since the advent of computerized accounting systems. Many smaller accounting software systems store all transactional information directly in the *general ledger, dispensing with all of the various types of journals, including the general journal.

Name: Okoloaja Vanessa Mmerichukwu
Department: Economics
Reg no: 21320516FF
Email: Mmerichukwunessa77@gmail.com
General ledger is the foundation of a system used by accountants or auditors to store, organise and prepare financial data used for the creation of a firm’s statement, it consists the nominal accounts(gains, losses, income, expenses etc) and real accounts (tangible assets, fixed assets and current assets), while general journal is a book of original or prime entry in which day-to-day transactions of a business are firstly recorded, the information can be obtained from source documents (receipts, invoice and day books)
Differences between General ledger and General journal.
1. Transactions are recorded permanently in the General ledger, while transactions are recorded temporarily in the General journal.
2. Level of detailed stored: The general ledger takes account of every transaction the business has engaged in at all levels which later aggregates into trial balance from which financial statements are drawn, while the General journal is where those transactions that are not stored in a subject specific journal are recorded because they are stored temporarily, so in conclusion we can say that a General journal is broader than a General ledger because larger accounting information are stored there temporarily before they are transferred permanently to the ledger.

Rachael Iroegbu Nwangaji
2020/244930
iroegburachael@gmail.com
ECONOMICS DEPARTMENT, FACULTY OF SOCIAL SCIENCES

Definitions:
GENERAL LEDGER; in accounting, a general ledger is made use of to take records of a company’s business or financial transactions (or a company’s total financial accounts).
It’s also known as a nominal ledger. Accounts that are commonly recorded in the general ledger include:Assets,liabilities, equity,income and revenue

GENERAL JOURNAL; this is also referred to as a daybook,here transactions relating to opening of stock,depreciation, accounting errors and so on are recorded. The source documents for it may be journal vouchers,invoices etc. Examples of entries here are depreciation, interest income andnstock sales.

MAJOR DIFFERENCES BETWEEN THE GENERAL LEDGER AND GENERAL JOURNAL INCLUDE;

1.General journal is the first General ledger is the
point of entry of all kinds second entry,for
of business transactions recording a busines
to make it to the company’s transaction after it
books of accounts. makes its way to
the system through
a journal account.

2. Here,entry is taken record Here,its recorded
of depending on chronological based on the
Order account types of
Interest.

3. General journal serves as General ledger
original book of entry doesn’t serve as
original book of
entry.

4. It contains raw accounting Contains original
Entries. Entries for most
transactions.

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Name_ Nwachukwu Onyinyechi Maryanne
Faculty_ Social Science
Department_ Economics
Reg No_ 21447529GF

Assignment Eco 121
Difference between General Ledger and General Journal.

THE GENERAL LEDGER
A ledger is the final destination of all transactions in the subsidiary books. It is the most important or principal book of account. It contains a permanent record of all transactions in a classified and summarized form. There are classes of ledgers:
1. Personal Ledger ( Purchase and Sales ledgers)
2. General Ledger ( Expenses account, income account, assets)
3. Private Ledger
4. Purchase or Creditors Ledger
5. Sales or Debtors Ledger
6. Nominal Ledger.
General Ledger is used for double entry book keeping.

THE GENERAL JOURNAL
It is a book of original entries or prime entries, which records transactions in chronological order. It is a daily record into which transactions are entered and classified as DEBIT and CREDIT, before posting to ledger. It is prepared out of transactions proofs like vouchers, bills, etc.

NAME KIWAMU FAVOUR CHIZARAM
REG NO: 2020/242601
kiwamufavour@gmail.com
DIFFERENCES BETWEEN GENERAL LEDGER AND GENERAL JOURNAL.
General journal refers to a book of original entries in which accountants and book keepers records raw business transaction. It is the first book where data is recorded and every page in the item features dividing columns for dates, serial numbers, as well as debit or credit records while general ledger can be said to be an extension of the general journal and is a source of trail balance, income statement and balance sheet. The ledger is dependent upon the correctness of a journal. It is also referred to as the book of second entry. It contains both the nominal and real accounts.

Name: Nsude onyinye Gift
Department: Economics
Registration Number:21253898HF
Topic: Difference between a general journal and general ledger
A well manged accounting system plays a vital role for any business and the basis of the accounting system is the chain of records. In the general journal,these records are not grouped, on the other hand, they are grouped in the general ledger. One similarity between the general ledger and general journal is that they are part of the double entry system.
A general journal is a book of original entry. This is where all financial transactions are recorded. When computers and software were rare,the general journal was the substitute.Each page had columns for serial numbers,particulars, debit and credit transaction.
A general ledger is a book or a file that a book keeper uses to record important and relevant transactions. The general ledger uses five prominent accounting items, which are: assets, liabilities, owner’s capital, revenue and expenses. Transactions from the general journal posts in the general ledger accounts and then balances are calculated from the general ledger to the trial balance.
Other difference between the general ledger and general journal
1. A general journal is a subsidiary book while a general ledger is a principal book
2. A general journal is the first step and it is recorded before ledger is created while a general ledger is the second step and it’s created from the general journal
3. A general journal doesn’t require balancing whereas a general ledger must be balanced.
4. In a general journal debit and credit are recorded column wise while in a general ledger debit and credit are recorded different sides.

Name: Mbonu Chinazo Kosisochukwu
Department: Economics
Reg. No.: 20116052EA
Matric No.:2020/242597
Email address: chinazokosi03@gmail.com

DIFFERENCES BETWEEN A GENERAL LEDGER AND A GENERAL JOURNAL
1. A general ledger is not a prime book of account as it makes use of transactions recorded in the journal while A general journal is a book of original entries that is, It is a daily record into which transactions are recorded before they are posted to the ledger.

2. A general ledger records transactions based on the affected account types while A general journal records transactions in a chronological order that is, according to the date.
3. A general ledger is used to record transactions based on the affected account types while A general journal records unclassified transactions that is, transactions that cannot be conveniently grouped with the day books.

4. The format for a general ledger is the “T” format which has columns for date, particulars, ledger folio and amount on each side whereas The format for a general journal is simple as it only has columns for date,particulars, debit and credit.

5. A general ledger does not require a narration as it deals with specific transactions while A general journal requires a narration to show the nature of the transaction.

6. Balancing the both sides in a general ledger is compulsory but it is not required in the general journal.

THE DIFFERENCE BETWEEN A GEBERAL LEDGER AND A GENERAL JOURNAL
In the recording of business transactions of a business, general journal and general ledger can never be bypassed. It is a necessity for transactions to be recorded properly in books for easy and accurate documentation. Being as they both are used for recording transactions of a business, they have a few differences. They are as follows:
1. General Journal popularly known as the original book of entry is the journal of a company in which initial record keeping of all transactions is done which are not recorded in any of the specialty journal maintained by the company like purchase,sales,cash journals etc whereas the General ledger prepared by a company is the set of the different master accounts in which the transactions ofthe business are recorded from the related subsidiary ledgers. In summary, the general journal is the first book that business transactions are recorded in before these transactions are transferred into different accounts in a general ledger.
2. General ledgers mostly have a two column format in a T shaped table while general journals had a four column format.
General ledgers displays it’s title at the top of the ledger and the debit entries on the left side and credit entries at the right side of the two column format while general journals contains columns for serial numbers,dates, accounts and debit and credit records in addition to describing every transaction.
3. The process of recording transactions of a business in a general journal is known as Journalising whereas the transferring of business transaction records from the general journal to the general ledger is called Posting.

OKEKE JULIET
21331434JA
Economics dept.
mhizjuliette24@gmail.com

General journal is a book of original entry used for recording transactions that has no special journal i.e transactions for which no separate journal is kept, is recorded in the general journal e.g sale of fixed assets, adjustment entries, depreciation.
*while*
General ledger is a book of account in which accounting data is posted from journals and from subledgers i.e it’s a record of all past transactions, organised by accounts.

General journal and general ledger can be further differentiated using these aspects:
1. Entries: Entries in a general journal includes details such as dates, serial number and transaction information whereas in a general ledger enteries are summarized without much details.
2. Purpose: The purpose of a general journal is to provide the first location for transaction entries while the purpose of general ledger is to store overall transactions data.
3. Organization: General journal are entered in chronological order and organized by date of transaction while general ledger are entered by the type of account into a specific structure.

Name: Ogbene Linda Chimuanya
Department: Combined Social Science
Reg No: 2020/242902
Differences between a General ledger and a General journal
GENERAL JOURNAL
Is one of the books of account that records every business transaction relating to all the accounting items like sales, inventory, account receivable, adjustment entries etc in chronological order.

GENERAL LEDGER
Is a book of account that records the transaction, after being posted into a general journal based on the types of account affected by transaction in term of credit and debit.

The difference are:
– General journal contains the original entires for most low volume transaction while general ledger contains a summary of recorded transaction.
– General journal records business transaction while records entry posted in respective account
– General journal usually contains columns for serial numbers dates, account and debit or credit records in addition to describing every transaction while general ledger records all remaining transaction.
– General journal is the first point of entry of any kind of business transaction to make it to the company book of account while General ledger is the second point of entry in accountancy for recording a transaction after it enters the accounting system.
General journal every entry is recorded based on chronological order while General ledger every entry is recorded based on affected account.

DEPARTMENT: Economics
EMAIL ADDRESS: ginikachim232@gmail.com
DIFFERENCES BETWEEN A GENERAL LEDGER AND A GENERAL JOURNAL
What is a general ledger?
A general ledger represents the record keeping system for a company’s financial data, with debit and credit account records validated by a trial balance. It can also be called a place where an entity stores all or most of it’s financial transactions.

What is a general journal
A general journal is the book that an entity firstly records all of the daily financial transactions and also non financial transactions that occur such as depreciation, adjustment, as well as an accrual.

The following are the difference between a general ledger and a general journal.
A general ledger contains a summary at the account level of every transaction that a business has engaged in.
While the general journal is where those transactions are first recorded that are not being stored in a subject specific journal.
In the general ledger every entry is recorded based on a affected account types.
Whereas every entry is recorded based on chronological order in the general journal.
The general ledger requires balancing.
But the general journal does not require balancing.
Debit and credit are recorded at different sides in the general ledger.
While in the general journal debit and credit are recorded column wise.
The general ledger is a principal book and it is created after the general journal is recorded.
Whereas the general journal is a subsidiary book and it is recorded before the general ledger is created.

NAME: Sunday Morewell Chizuru
REG. NO: 2020/242632
DEPARTMENT: Economics
EMAIL ADDRESS: ginikachim232@gmail.com
DIFFERENCES BETWEEN A GENERAL LEDGER AND A GENERAL JOURNAL
What is a general ledger?
A general ledger represents the record keeping system for a company’s financial data, with debit and credit account records validated by a trial balance. It can also be called a place where an entity stores all or most of it’s financial transactions.

What is a general journal
A general journal is the book that an entity firstly records all of the daily financial transactions and also non financial transactions that occur such as depreciation, adjustment, as well as an accrual.

The following are the difference between a general ledger and a general journal.
A general ledger contains a summary at the account level of every transaction that a business has engaged in.
While the general journal is where those transactions are first recorded that are not being stored in a subject specific journal.
In the general ledger every entry is recorded based on a affected account types.
Whereas every entry is recorded based on chronological order in the general journal.
The general ledger requires balancing.
But the general journal does not require balancing.
Debit and credit are recorded are recorded at different sides in the general ledger.
While in the general journal debit and credit are recorded column wise.
The general ledger is a principal book and is created after the general journal has been recorded.
Whereas the general journal is a subsidiary book and it is recorded before the general ledger is created.

Name: Chukwu Emmanuel Chimezie
Reg no: 2020/241925
Email: emmanuelchukwu846@gmail.com
Department: ECONOMICS
First of all, a General Journal refers to a book of original entries in which accountants and bookkeepers record raw business transactions in order according to the dates events occur. It is the first place where data are recorded, and every page in the item features dividing columns for dates, serial numbers well as debit and credit records.
A General Ledger is a book or file that bookkeepers use to record all relevant accounts. The general Ledger tracks five prominent accounting items: assets, Liabilities, Owners, Capital, Revenue and Expenses. Transactions that first appear in the journals are subsequently posted in the general ledger accounts. Then account balances are calculated and transferred from the general ledger to a trial balance before appearing on a company’s official financial statements.
Therefore, the differences between A General Journal and a General Ledger are as follows:
1.The trial balance is prepared from the Ledger but it is not done from the Journal
2. Transactions are recorded in a journal without considering their nature of classification while transactions are recorded in the classified form under respective heads of accounts.
3. Transactions are recorded in a journal in chronological order of dates just after their occurrence while transactions are posted in the ledger in classified form from the Journal.
4. A Journal is a subsidiary book of account. It is the store house for recording transactions while a Ledger is the permanent and final book of accounts. It is termed as the means of classified transactions.
5. In Journal, explanation of the entries of the transaction are shown while in Ledger they are not needed.
6. Journal helps in preparing Ledger accounts correctly while the objective of the Ledger is to know the income and expenditures of different heads.
7. The balance sheet is prepared with the help of Ledger balances while this cannot be done from the Journal.
8. Recording of the transactions in the Journal is called Journalizing while recording of transactions in the Ledger is called Posting.

ABAMUCHE AGATHA NKIRU
REG. NO.: 2019/SD/37673
Question
1) What are the difference between macroeconomic and microeconomics?
2) Discuss the three different ways of computing GDP.
3) Without diagrams, clearly discuss the circular flow of income and product in a 2 – sector economy, 3 – sector economy and 4 – sector economy.
Micro economics is the study of indivisible units of an economy. It is also the study of an economy in a disaggregated form while macro economics is the branch of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
DIFFERENCES BETWEEN MICRO AND MACRO ECONOMICS
S/N Micro Macro
1 micro economics studies the income of an individual macro economics studies about the national income
2 micro economics concerns itself decisions of individuals and business decision macro analyzes the decisions that are made by countries and government.
3 micro economics adopts a bottom-up approach. It focuses on the demand and the supply and other forces that play out in the price levels macro economics adopts a top down approach. It looks into the policies and decisions that influence the direction taken by other players in the economy
4 micro economics engages in the study of the behaviours of individuals forms, and households in a given with regards to how they make both ends meet macro economics looks at the economy in its entirely. It examines how the various forces interact and engage at a larger level like the region, the nation and the entire globe.
5 investors can use micro economics in the investment decision macro economics is an analytical tool mainly used to craft economic and fiscal policy

The expenditure approach
The output approach or production
The income approach
The expenditure approach also known as spending approach calculates spending by eth different groups that participate in the economy. The U.S. is primarily measured based on the expenditure approach.
The approach can be calculated using the following formula
GDP = C + G + I + NX
Where
C = consumption
G = government spending
I = Investment
NX = net exports
The output or production Approach: The production approach is essentially the reverse of the expenditure approach. Instead of measuring the input costs that contribute to economic activity, the production approach estimates the total value of economic output and deducts the cost of intermediate goods that are consumed in the process.
The Income Approach: The income approach represents a kind of middle ground between the two other approaches to calculate GDP. The income approach calculates the income earned by all the factors of production in an economy.
THE CIRCULAR FLOW IN A SIMPLE (2 SECTOR) ECONOMY
In this type of economy, it is assumed that household spend all their incomes on consumer’s goods as soon as the income is received. All consumption is assured to take place in the household. This means that the business sector does not consume finished goods. It is also assumed that all production is done by firms and the firms sell all their entire output to consumers as soon as it is produced.
CIRCULAR FLOW WITH SAVINGS AND INVESTMENT (3 – SECTOR) ECONOMY
Some household income is use for consumption expenditure and reaches the product market directly, other household income is indirected to savings and this is a source of funds for firms to use in making investment expenditure. The income reaches product market directly. On the way from household to firms, the flow of savings pass through a set of financial market.
CIRCULAR FLOW WITH GOVERNMENT (4 – SECTOR)
The government take in revenue from taxes they made from households, some of the revenue immediately returns to the household in the form of transfer payment. The government collect tax as revenue and pay out as transfer payment and it is called net taxes. Funds flows from household to government as net taxes and then from government to product market as government purchases.

NAME:Attamah Juliet Chinaza
Faculty :Social Science
Department :Economics
Jamb reg, no:29758713ja
Assignment on Eco 121
General Journal is a book of entry that holds the initial record of every transaction before being posted to the concerned accounts like sales journal, purchase journal and cash journal.
It is the entry point of any kind of business transaction to make it’s way into the books of account of the company before it flows to the next level of classification of transactions in accountancy.
General Ledger :once a transaction is posted into a general journal the next step is to classify the transactions based on the account which they affect
General Ledger is one more book of accounts that record the transaction after being posted into a general journal based on the type of account affected by the transaction in terms of credit and debit.
Different Between General Journal and General Ledger
(1)General Journal the book in which all the financial transaction that are recorded as and when they occur while General Ledger is the book that enables to transfer all financial transactions into different and separate account.
(2)General Journal is a subsidiary book while General Ledger is a principle book.
(3)General Journal is the first step and it’s recorded before ledger is created while General ledger is the second entry and it’s created from general journal.
(4)The process of recording the financial transactions into journal is called journalising while The process of of transferring the journal entries from the general journal to general ledger is called posting.
(5)In a general journal the narration should be there to understand the kind and the nature of entry while in ledger the narration is not compulsory.
(6)Journal does not require balancing while Ledger must be balance.
(7)The format of a general journal is quite simple and data that includes data, debit amount and credit amount, particular ledger, poilo while the format of the general ledger is the “T” format where one needs to insert date and amount on both sides.
(8)In a general journal the entry will be recorded As per the transaction date while General Ledger the entry is recorded accounts wise.
(9)Debit and credit are recorded column wise while Debit and credit are recorded at different sides.
(10) General ledger contains all relevant details regarding all the accounts for which entries are already presents in the specific journal while Ledger takes into consideration of five accounting items (I) Expenses (II) Assets (III) Revenues(iv)Liabilties(v)Shareholders equity.