BUS 201 Lecture Notes - Lecture 2: General Ledger, The Ledger, Financial Statement

• School: Iona College
• Department: Business Courses Shared
• Course: BUS 201
• Professor: Amal AlAbbad

Document Summary

The ledger and posting: group of accounts maintained by a company. First in order are the asset accounts: 2. liability accounts, stockholders" equity accounts, revenues, and expenses. Each account is numbered for easier identification: a simple t-account, posting. Standard form of account: the process of transferring journal entries to ledger accounts, the appropriate columns of the account(s) debited. Date, journal page, and debit is included: write the account number to which the debit amount was posted, the appropriate columns of the account(s) credited.