Get to Know the Intricacies of General Ledger with General Ledger Homework Help
As students of accounting, it is necessary to understand each and every aspect of the accounting process. Without possessing thorough knowledge, it is difficult to proceed with the topic, and hence students face the necessary problems solving it. General ledger is one such topic which students encounter with numerous problems. They are unable to understand how exactly a balance sheet works and hence opts for general ledger homework help to comprehend it.
Explaining general ledger:
General ledger is defined as part of the accounts that record all the financial transactions of the company. It is the very lifeline of an organisation. It helps to maintain and record balance statements and financial statements concerning transactions. Some examples of general ledgers are Investment, land, account receivables, etc. You can comprehend the basic concept of general ledger better when you opt for general ledger assignment help.
What does it includes?
General ledger handles a number of accounts. It includes:
- Expenses include salaries, rent and depreciation.
- Current and fixed assets include accounts receivables, lands, cash, and equipment.
- Profit or loss includes investment incomes, interest expense, and gain on disposal truck and loss on disposing of equipment.
- Revenues which include sales and service fees.
- Equity including common stock and retained earnings.
- Liabilities include loans, accounts or bonds payable.
With general ledger homework help, you can have a thorough knowledge of the subject without putting in much effort.
Explaining double entry for general ledger
In order to maintain the general ledger account, a double entry system is adopted by companies to keep track of all the financial transactions that they deal with. General Ledger assignment help from myhomeworkhelp.com, makes that understanding of how a double entry system works easier.
Each transaction in a double entry system affects two ledger accounts and has a debit and a credit column. The debit entry is done on the left while the right column is reserved for credit entries. At the end of it all, the credit should be equal to the debit.
Like for example, if a client pays $100 for a certain service, then the cash account is increased with a $100 debit, and $100 is credited from the account receivable.
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