08 Feb 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.