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FIS General Ledger Part 1: Basic Data Entry Exercises 1 5Exercise 1Process a Journal EntryObjectiveCorrect a previous transaction that used the incorrect account informationScenarioFurniture was purchased
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01
Gather all relevant financial data including revenue, expenses, assets, and liabilities.
02
Determine the appropriate categories for the ledger such as income, expenses, assets, and liabilities.
03
Input the financial data into the appropriate categories in the ledger.
04
Ensure all entries are accurate and properly categorized.
05
Review the completed general ledger for any errors or discrepancies.
06
Use the information in the general ledger for financial analysis, reporting, and decision-making.

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The general ledger is a comprehensive record of all financial transactions over the life of a company, summarizing transactions in various accounts.
Businesses of all sizes, including corporations, partnerships, and sole proprietors, are required to maintain and file a general ledger as part of their accounting practices.
To fill out a general ledger, one must categorize transactions into the appropriate accounts, recording debits and credits accurately, and maintaining chronological order.
The purpose of the general ledger is to provide a complete record of all financial transactions, aiding in financial reporting and analysis for business operations.
The general ledger should report account names, account numbers, transaction dates, descriptions, debits, credits, and the running balance for each account.
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