How do you post a general ledger

Expert Solution

General Ledger-

General ledger contains the ledger balances of all accounts created. All accounts here means assets accounts like cash, Inventory, Accounts receivable, Fixed assets and Liabilities accounts like Accounts payable, Notes Payable, Long term debt and Equity accounts like common equity and Income statements accounts like Sales account, rent account, salary account.

General ledger balances are then posted to Trail balance to prepare th financial statements.

In Multi National Corporations, General ledger are termed as control accounts. For example, Accounts receivable is general ledger accounts and it will have subsidiary ledger which will contain activity of each customer ledger wise.

Each Ledger has a unique code which helps in posting the amountsvto correct ledger

EXAMPLE OF GENERAL LEDGER POSTING

Cash - Account No. - 110

Debit	Amount	Credit	Amount
Balance	$15000

ekkarill92 answered 1 year ago

What do you post in a general journal and how

match each subsidiary ledger and general ledger post one on each description

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