The general ledger is also known as the main or nominal ledger, because it holds both sides of double-entry transactions. In contrast, the purchase and sales ledgers are called subsidiary ledgers ...

A ledger that keeps a record of the customers that a business has extended credit to and how much they owe. It also includes a compilation of their payment history and credit transactions. The ...

T-accounting is a method used by accountants and bookkeepers that gets its name from the T shape formed by the two columns used to record entries. Also called double-entry accounting, T-accounting ...

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 ...

Robert Kelly is managing director of XTS Energy LLC, and has more than three decades of experience as a business executive. He is a professor of economics and has raised more than $4.5 billion in ...