Which of the following statements about accounting procedures is not correct? A. The journal shows in one place all the information about specific transactions, arranged in chronological order. B. A ledger account shows in one place all the information about changes in a specific asset or liability, or in owners equity. C. Posting is the process of transferring debit and credit changes in account balances from the ledger to the journal. D. The end product of the product of the accounting cycle consists of formal financial statements, such as the balance sheet and the income statement