As such, the journal and ledger both have the most crucial roles in an accounting process to ensure that no transaction is missed out. For any details on the transaction, confusion or rectification, accountants refer to these two books of accounts. ...
Accounting ledgers can be displayed in many different ways, but the concept is still the same. Ledgers summarize the balances of the accounts in the chart of accounts. Subsidiary Ledgers The general ledger is not the only ledger in an accounting system. Subsidiary ledgers include selective accounts...
Examples of General Ledger Accounts Some of the more common balance sheet accounts and how they are further arranged in the general ledger include: asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment liability accounts including Notes Payable, Accounts Payable...
A general ledger is used by businesses that employ thedouble-entrybookkeeping method, which means that each financial transaction affects at least two sub-ledger accounts, and each entry has at least one debit and one credit transaction. Double-entry transactions, called “journal entries,” are ...
Your enterprise has two distinct business operations: a utilities operation and a fleet of vehicles. Both are run from a central location in Denver, Colorado, and both use the same list of vendors. Each operation has its own general ledger accounts. ...
The general ledger is the heart of the system, but there are also other sub-ledger accounts linked to it. For example, a company might post transactions to its chart of accounts. The larger the company, the more complex this becomes. Within the sub-ledgers, all transactions are closed ...
General ledger accounts or sub-ledgers fall into one of the five broad categories: Examples of asset accounts are cash, accounts receivable, inventory, investments, land, and equipment. Liability accounts include notes payable, accounts payable, accrued expenses payable, and customer deposits. ...
Examples of a General Ledger In a manual accounting or bookkeeping system, the general ledger is a “book” with a separate page or ledger sheet for each account. (When a significant amount of detailed information is needed for an account such as Accounts Receivable, a subsidiary ledger is ...
For example, assets may include checking or savings accounts. To post to the general ledger, you must use double-entry bookkeeping. With double-entry bookkeeping, you record two entries for every transaction using debits and credits. Your general ledger provides the necessary information to create...
General Ledger (G/L): All accounts recorded in a set of books. At year end, a summary of all accounts in the G/L will be posted in the "Trial Balance" for preparing Balance sheet and Profit & Loss accounts.,参考: .knowledge.yahoo/question/?qid=7006061700704,