General Journal

A chronological record of all transactions that are not recorded in a special journal such as the cash receipts or cash disbursements journal. The general journal is usually in multi column form with columns for: date, account number, reference, debit, and credit. the debit and credit columns are to allow balancing of the journal as a control on accuracy.

General Ledger

A systematic collection incorporating all of the general accounts of an organisation. If kept in book form, each account would have its own page. The system of organisation often follows the pattern: (1) Assets, (2) Liabilities, (3) Owner’s Equity, (4) Revenues, and (5) Expenses. Contrast with subsidiary ledger.