4.3 Posting to the ledger

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9 Terms

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Ledger

Permanent and classified record of all accounts of a business, Book final entry

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Forms of ledger

Standard form T- Account, Balance Ledger form Running balance form

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General ledger

general shit

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Subsidiary ledgers

groups of similar ledgers with combined balances equal to the balance of a specific general

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Type of Subsidiary ledger

Individual Accounts Receivables to support Accounts Receivables Control Account

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Type of Subsidiary ledger

Individual Accounts Payables to support Accounts Payables Control Account

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Type of Subsidiary ledger

Separate records of each Property, Plant, and Equipment account

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Type of Subsidiary ledger

Land, Building, Machinery, Equipment, Vehicle, Furniture, Fixtures, Fittings) o Separate records of each type of inventory (Merchandise inventory, Raw materials, Work in progress, Finished goods)

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Control Account

Summary account that is used check the mathematical accuracy of the ledgers it controls