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The reason we post journal entries is to provide a chronological record of all economic events affecting the firm. ensure that all accounts are up

The reason we post journal entries is to

  • provide a chronological record of all economic events affecting the firm.

  • ensure that all accounts are up to date prior to preparing financial statements.

  • ensure that debits equal credits in the trial balance.

  • reflect the information in journal entries in ledger accounts

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