please explain ledger very easily
Answers
Answer:
I got red in my ledger and I would like to wipe it out
Explanation:
How much red can you wipe out?
Explanation:
What Is a Ledger in Accounting?
HubAccountingWhat Is a Ledger in Accounting?
A ledger is a book containing accounts in which the classified and summarized information from the journals is posted as debits and credits. It is also called the second book of entry.
The ledger contains the information that is required to prepare financial statements. It includes accounts for assets, liabilities, owners' equity, revenues and expenses. This complete list of accounts is known as the chart of accounts. The ledger represents every active account on the list.
What this article covers:
What Is a Ledger Account?
How Do You Write a Ledger?
What's the Difference Between a Journal and a Ledger?
NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas, outside of supporting questions about FreshBooks. If you need income tax advice please contact an accountant in your area.