The general ledger follows the double-entry system of accounting. According to this system, which has been widely used for centuries, every transaction has an equal and opposite effect in at least two different places. Every transaction will be represented by a journal entry in at least two dif...
A general ledger (GL) is a set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports. Each account is a unique record summarizing a specific type of asset, liability, equity, revenue or expense. Achart of accountslists all of the ...
The general ledger is organized as follows: Balance sheet accounts (assets, liabilities, equity), and Income statement accounts (revenues, expenses, gains, losses) Under the double entry system of accounting and bookkeeping, every business transaction will affect two (or more) general ledger ...
General ledger definition A general ledger, or GL, is a means for keeping record of a company’s total financial accounts, and most businesses use general ledger software to manage the data. Accounts typically recorded in a GL include: assets, liabilities, equity, expenses, and income or ...
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A ledger is a book or computer file used for keeping accounting records. There are three main types of ledgers: general, purchase...
Definition of General Ledger The general ledger contains the accounts used to sort and store a company’s transactions. The general ledger is organized so that the accounts will appear in the following order: Balance sheet accounts: assets, liabilities, stockholders’ equity Income statement ...
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What is a journal in bookkeeping? What is the journal entry for revenue in accounting? What are general ledger accounts in accounting? What are special journals in accounting? What is an accrual book in accounting? What is the journal entry for sales tax payable in accounting?
1. General ledger A general ledger is the main type of ledger that is usually used by companies. It is a comprehensive record of all the ledger accounts of a business. It contains all the types of accounts such as assets, liabilities, equity, revenues, and expenses. ...