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The Process of Posting Journal Entries to General

The Process of Posting Journal Entries to General Ledger AccountsOn June 1, Campbell Corporation purchased 10 acres of land in exchange for a promissory notein the amount of $50,000. Using the formats shown in Exhibit 3-5, prepare the journal entry torecord this transaction in a general journal and post it to the appropriate general ledger accounts.The entry will be recorded on page 7 of the general journal. Use whatever account numbers youlike in the general ledger. Assume that none of the accounts to be debited or credited currentlycontain a balance.If at a later date you wanted to review this transaction, would you examine the general ledgeror the general journal? Explain your answer.

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