Journal Entries to Ledger Accounts

• Transferring information from the journal to the relevant ledger accounts (correct)
• Summarizing financial statements directly from the journal
• Creating new journal entries for each ledger account
• Transferring information from ledger accounts to the journal

• To create a summary of financial transactions
• To directly prepare financial statements
• To eliminate the need for a general ledger
• To maintain a record of individual transactions for each account (correct)

• To directly generate balance sheets
• To organize and classify transactions by account (correct)
• To calculate total revenue and expenses
• To simplify the process of preparing tax returns