Q:

What is typically on a general ledger?

A:

Quick Answer

A general ledger has four columns that contain the date, journal entry, and debit and credit amounts. The ledger records business accounts and transactions that affect these accounts, including asset, liability and equity transactions.

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Full Answer

Journal entries posted to a general ledger record increases or decreases in physical assets such as land and equipment and intangible assets such as patents. Accountants post purchases of assets, depreciation of property, and cash and credit sales records to the general ledger. Accountants also post liability transactions such as credit purchases, salaries and taxes to the general ledger. The ledger records increases and decreases in the capital invested in the business as well.

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