After transaction information has been recorded in the journal, it is transferred to the

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The ledger is the book where all the transactions are posted from the journal. This creates a running balance for each account and serves as the central record for all accounting activity. The chart of accounts is a list of all the accounts used by a company and is usually established before journal entries are made. The income statement is a financial report that summarizes a company's revenue and expenses over a specific period of time. The book of original entry is another term for the journal, where transactions are first recorded.

After Transaction Information Has Been Recorded in the Journal, It