The Process of Posting Journal Entries to General Ledger Accounts On June 1, Campbell Corporation purchased 10 acres of land in exchange for a promissory note in the amount of $50,000. Using the formats shown in Exhibit 3-5, prepare the journal entry to record 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 you like in the general ledger. Assume that none of the accounts to be debited or credited currently contain a balance.

If at a later date you wanted to review this transaction, would you examine the general ledger or the general journal? Explain your answer.