Ch 3: Journals & Ledgers in Accounting

About This Chapter

Our expert instructors developed the lessons in this chapter to teach you about journals and ledgers in accounting. We make use of several study aids to enhance your learning experience.

Journals & Ledgers in Accounting - Chapter Summary and Learning Objectives

The lessons in this chapter address general and subsidiary ledgers, journals and balancing of journals, and adjusting entries in order to reflect an accurate accounting of the company's financial situation, for both internal and external use.

These lessons are both text and short videos, with video lessons lasting 5-10 minutes in run time. All lessons include a quiz that can be taken at the end to assess your understanding of the material. If you need to refer back to a specific part of a video lesson, you can do so with the video transcript or by using the keyword-based timeline tool that allows you to replay any section. Completion of the lessons in this chapter means you will understand:

  • Ledgers and chart of accounts
  • The general ledger and subsidiary ledger
  • A general journal in accounting
  • Journal entries and trial balance in accounting
  • Purchases journal, cash payment journal and cash receipts journal
  • Proper adjustment of previous entries

Lesson Objective
Ledgers and Chart of Accounts: Definitions and Use Assess the ledger and the chart of account.
What Is a General Ledger? - Definition & Examples Point out how to make entries into the general ledger.
Subsidiary Ledger: Definition & Examples Conclude how to stay organized using subsidiary ledgers.
What Is a General Journal in Accounting? - Definition, Format & Examples Imagine how to use this most basic of accounting journals.
Journal Entries and Trial Balance in Accounting Evaluate two of the concepts that make up an accounting cycle.
Purchases Journal: Definition & Example Anticipate how the purchase journal is used and what types of transactions are recorded.
Cash Payments Journal: Definition & Example Prepare for how a company might use a cash payments journal.
Cash Receipts Journal: Definition & Examples Hypothsize the posting and balancing of the cash receipts journal.
Adjusting Entries: Definition, Types & Examples Conclude how adjusting entries can be used to ensure accurate reporting of the company's financial situation.

9 Lessons in Chapter 3: Journals & Ledgers in Accounting
Test your knowledge with a 30-question chapter practice test
Ledgers and Chart of Accounts: Definitions and Use

1. Ledgers and Chart of Accounts: Definitions and Use

There are several key concepts that are important to learn when it comes to accounting. In this lesson, you will learn about the ledger and the chart of accounts.

What Is a General Ledger? - Definition & Examples

2. What Is a General Ledger? - Definition & Examples

Accountants and bookkeepers record financial events in multiple documents in order to ensure the accuracy of the information. In this lesson, we will look at the general ledger and you can discover how to make entries into this ledger.

Subsidiary Ledger: Definition & Examples

3. Subsidiary Ledger: Definition & Examples

When it comes to business accounting, there are lots of accounts to track. One way that accountants are able to stay organized is to use subsidiary ledgers. This lesson will describe what subsidiary ledgers are and how they are used.

What Is a General Journal in Accounting? - Definition, Format & Examples

4. What Is a General Journal in Accounting? - Definition, Format & Examples

The general journal is usually the first of a company's accounting records that we learn about and use, but it can also be one of the most misunderstood. It doesn't have to be difficult, though, as we'll show here.

Journal Entries and Trial Balance in Accounting

5. Journal Entries and Trial Balance in Accounting

There are several concepts that make up an accounting cycle. In this lesson, you will learn about two of those - journal entries and the trial balance.

Purchases Journal: Definition & Example

6. Purchases Journal: Definition & Example

This lesson explains what a purchase journal is, how it is used, and what types of transactions are recorded in a purchase journal. Several different examples of purchase journal postings are included.

Cash Payments Journal: Definition & Example

7. Cash Payments Journal: Definition & Example

In this lesson, we'll learn about cash payments journals. We'll explain how a company might use one and use an example to learn how to make entries. The lesson will be concluded with a summary and a quiz.

Cash Receipts Journal: Definition & Examples

8. Cash Receipts Journal: Definition & Examples

This lesson explains how a cash receipts journal is used by a business, what types of transactions are posted in a cash receipts journal, and how to keep those transactions balanced.

Adjusting Entries: Definition, Types & Examples

9. Adjusting Entries: Definition, Types & Examples

Adjusting entries are a very important part of the accounting cycle because they ensure that you are reporting the company's financial situation accurately. In this lesson, you will learn which accounts need adjusting and how those adjustments are made.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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