The general ledger is a tool accountants use to record transactions. Each time a company makes a transaction, a corresponding journal entry must be made. The company then uses the general ledger to ...

Journal entries are the basic, essential building blocks that are used to create a company's balance sheet and income statement. Adjusting journal entries are used by all companies that comply with ...

General ledger records each transaction both as a debit and a credit, ensuring balance. Understanding the general ledger aids in interpreting financial statements like balance sheets. Investors can ...