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