A general ledger represents the record-keeping system for a company’s financial data, with debit and credit account records validated by a trial balance. It provides a record of each financial transaction that takes place during the life of an operating company and holds account information that is needed to prepare the company’s financial statements. Transaction data is segregated, by type, into accounts for assets, liabilities, owners’ equity, revenues, and expenses.
Original Article Source Credits: Investopedia , https://www.investopedia.com/
Article Written By: Will Kenton
Original Article Posted on: May 4, 2021
Link to Original Article: https://www.investopedia.com/terms/g/generalledger.asp