My account with the restaurant is past due. a statement of financial transactions. Bookkeeping. a formal record of the debits and credits relating to the person, business, etc., named at the head of the ledger account. a balance of a specified period's receipts and expenditures. ...
: a book in which accounts are kept : ledger Word History First Known Use 1590, in the meaning defined above Time Traveler The first known use of account book was in 1590 See more words from the same year The Ultimate Dictionary Awaits Expand your vocabulary and dive deeper into ...
a : to transfer or carry from a book of original entry to a ledger b : to make transfer entries in 4 archaic : to dispatch in haste intransitive verb 1 : to rise from the saddle and return to it in rhythm with a horse's trot 2 : to ride or travel with haste : hurry ...
After the accounting system has been established, the next part of the process is to begin recording transactions. All transactions – sales, expenses, investments, loans, income and purchases are recorded first as journal entries, then put into the ledger book. This process is made significantly ...
accounts payable subsidiary ledger is similar to other subsidiary ledgers in that it merely provides details of the control account in the general ledger. Other subsidiary account ledgers include theaccounts receivable subsidiary ledger, the inventory subsidiary ledger, and the equipment subsidiary ledger....
"to cause to lie or rest;" ledge; ledger; lees; lie (v.2) "rest horizontally;" litter; lochia; low (adj.) "not high;" outlaw; scofflaw; stalag; vorlage. It might also be the source of: Hittite laggari "falls, lies;" Greek lekhesthai "to lie down," legos "bed," lokhos "...
Posting to the Ledger:Journal entries are transferred to individual accounts in the general ledger, which serves as a central repository for all financial data. Trial Balance Preparation:A trial balance is created to verify that total debits equal total credits, ensuring accuracy in the recorded ent...
For example, every accounting entry will have a debit entered on the left side of a general ledger account. (There will also need to be a credit amount entered on the right side of another account.) The abbreviation for debit is dr. (which is also related to the term from 500 years ...
A suspense account is the general ledger account that the company uses for recording transactions temporarily. When recording those transactions, the accountant may be unsure of the type of account most appropriate to record those transactions. It helps companies keep their accounting books in an orga...
In accounting and bookkeeping,debitordr.indicates an entry on the left side of ageneral ledger accountor the left side of aT-account. Example of Dr. Typically, the general ledger accounts for assets andexpenseswill have debit (dr.) balances and the balances in the asset accounts will be inc...