Required information [The following information applies to the questions displayed below.) The next step in the processing cycle is to periodically transfer, or post, the debit and credit information from the journal to Individual general ledger accounts. A general ledger is simply a collection of all of the company's various accounts. Each account provides a summary of the effects of all events and transactions on that individual account. The process of entering Items from the journal to the general ledger is called posting. An unadjusted trial balance is then prepared. Step 4: Post from the Journal to the General Ledger Accounts July 1 Borrowed $40,000 from a local bank and signed two notes. The first note for $10,000 requires payment of principal and 10% interest in six months. The second note for $30,000 requires the payment of principal in two years, Interest at 10% is payable each year on July 1, 2019, and July 1, 2020 General Journal Page 1 Date Account Title and Explanation Post Ref. Debit Credit July 1 Cash 100 40,000 Notes payable 220 40,000 To record the borrowing of cosh and the signing of notes payable.