Question

An analytics study of 25 different ledger accounts

Answer 1

What is a general ledger account?

A general ledger account is an account or record used to sort and store balance sheet and income statement transactions. Examples of general ledger accounts include the asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment. Examples of the general ledger liability accounts include Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits. Examples of income statement accounts found in the general ledger include Sales, Service Fee Revenues, Salaries Expense, Rent Expense, Advertising Expense, Interest Expense, and Loss on Disposal of Assets.

Some general ledger accounts are summary records which are referred to as control accounts. The detail that supports each of the control accounts will be found outside of the general ledger in what is known as a subsidiary ledger. For example, Accounts Receivable could be a control account in the general ledger, and there will be a subsidiary ledger which contains each customer's credit activity. The general ledger accounts Inventory, Equipment, and Accounts Payable could also be control accounts and for each there will be a subsidiary ledger containing the supporting detail.
Ledger Accounts
Accounting Entries are recorded in ledger accounts. Debit entries are made on the left side of the ledger account whereas Credit entries are made to the right side. Ledger accounts are maintained in respect of every component of the financial statements. Ledger accounts may be divided into two main types: balance sheet ledger accounts and income statement ledger accounts.
Balance Sheet Ledger Accounts

Balance Sheet ledger accounts are maintained in respect of each asset, liability and equity component of the statement of financial position.an analytical study of 25 different ledger accounts

What is a Ledger?

A ledger is an accounting book that facilitates the transfer of all journal entries in a chronological sequence to individual accounts. The process of recording journal entries into the ledger is called posting.In bookkeeping and accounting, a ledger is a book (or record) for collecting business transaction data from a journal, and organizing entries by account.The ledger provides information on the current balance in each account throughout the accounting period. At the end of the period, ledgers become the primary and authoritative source of data for building a firm's financial accounting reports, including the income statement and balance sheet.

This article further defines and illustrates the meaning of ledger, in the context of ledger-related terms includingGeneral ledger (Nominal ledger)
Sub ledger 
Controlling account (Master account) 
Posting
T-account.

Type of Ledger Collect information from

General Ledger

The general ledger accumulates information from journals. Each month all journals are totalled and posted to the General Ledger. The purpose of the General Ledger is therefore to organise and summarise the individual transactions listed in all the journals.

Debtors Ledger

The Debtors Ledger accumulates information from the sales journal. The purpose of the Debtors Ledger is to provide knowledge about which customers owe money to the business, and how much. More information on Debtors Ledger

Creditors Ledger. The Creditors Ledger accumulates information from the purchases journal. The purpose of the Creditors Ledger is to provide knowledge about which suppliers the business owes money, and how much.


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Answer 2

accounting transactions

Things to remember about General Ledger:
May be summarized in a trial balance and incorporated into the financial statementsPresented in order of the balance sheet and then income statement: Assets, liabilities, equity, revenue, expensesDebits presented as positive numbers, credits as negative