Which ledger contains balances for all accounts after posting journal entries?

Which ledger contains balances for all accounts after posting journal entries?

• A. The Unadjusted Trial Balance
• B. The General Journal
• C. The General Ledger
• D. The Adjusted Trial Balance

Answer: (C)

Posting journal entries transfers each transaction into the individual accounts in the general ledger. The general ledger then holds the running balances for every account, updated as each entry is posted. That makes it the place where you can see the balances for all accounts after posting. The unadjusted trial balance is simply a listing of those balances before any adjustments are made, used mainly as a check that debits equal credits. The general journal is where transactions are recorded in chronological order, not where you keep the ongoing balances. The adjusted trial balance comes after adjusting entries have also been posted to the ledger, showing updated balances used to prepare financial statements.

Posting journal entries transfers each transaction into the individual accounts in the general ledger. The general ledger then holds the running balances for every account, updated as each entry is posted. That makes it the place where you can see the balances for all accounts after posting.

The unadjusted trial balance is simply a listing of those balances before any adjustments are made, used mainly as a check that debits equal credits. The general journal is where transactions are recorded in chronological order, not where you keep the ongoing balances. The adjusted trial balance comes after adjusting entries have also been posted to the ledger, showing updated balances used to prepare financial statements.