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Example of General Ledger

The general ledger is the primary record of transactions for a business, and is a primary record of accounting data. The general ledger is based on a series of credits and debits, intended to produce a balance which accurately shows an equal value on both sides of the balance sheet. This is called double entry accounting, and is the traditional Western method of account record keeping. The principles related to the general ledger are also the basis of the standard accounts balance process. General ledgers are also used as primary methods in bookkeeping, usually the most reliable comprehensive method of accounting for small business.

Examples of General Ledger:

To illustrate the posting of transactions in the general ledger, consider the following transactions taken from the example on general journal entries:

Date

Account Names

     Debit

     Credit

10/1     

Cash

8700

 

 

     Capital

 

8700

 

10/8     

Car parts

3700

 

 

     Accounts payable

 

3700

 

10/15     

Expenses

2000

 

 

     Cash

 

2000

 

10/17     

Cash

200

 

 

Accounts Receivable

200

 

 

     Revenue

 

400

 

10/18     

Expenses

375

 

 

     Car parts

 

375

 

10/25     

Cash

625

 

 

     Accounts receivable

 

625

 

10/28     

Accounts payable

700

 

 

     Cash

 

700

The above journal entries affect a total of seven different accounts and would be posted to the T-accounts of the general ledger as follows:

General Ledger

(T-Accounts)

Cash

Oct  

1

    8700

 

17

400

 

25

625

Oct  

15

    2000

 

28

700

Accounts Receivable

Oct  

17

    700

Oct  

25

    625

Car Parts

Oct  

8

    3700

Oct  

18

    375

Accounts Payable

Oct  

28

    700

Oct  

8

    3700

Capital

  

 

    

Oct  

1

    8700

Revenue

  

 

    

Oct  

17

    400

Expenses

Oct  

15

    2000

Oct  

18

    375

  

 

    

http://en.wikipedia.org/wiki/General_ledger
http://www.wisconsin.edu/fadmin/sfs/89GLManual_01_07.pdf
http://www.finance.upenn.edu/ftd/documentation/mje_manual.pdf
         


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