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General ledger.
A ledger[1] is the principal book or computer file for recording and totaling economic transactions
measured in terms of a monetaryunit of account by account type, with debits and credits in
separate columns and a beginning monetary balance and ending monetary balance for each
account.
Contents
[hide]
1 Overview
2 Etymology
3 See also
4 Notes
5 References
6 Further reading
Overview[edit]
The ledger is a permanent summary of all amounts entered in supporting journals which list
individual transactions by date. Every transaction flows from a journal to one or more ledgers. A
company's financial statements are generated from summary totals in the ledgers.[2]
Ledgers include:
For every debit recorded in a ledger, there must be a corresponding credit so that the debits
equal the credits in the grand totals.
Etymology[edit]
The term ledger stems from the English dialect forms liggen or leggen, meaning to lie or lay
(Dutch: liggen of leggen, German: liegen oder legen); in sense it is adapted from the Dutch
substantive legger, properly a book laying or remaining regularly in one place. Originally, a ledger
was a large volume of scripture or service book kept in one place in church and openly
accessible. According to Charles Wriothesley's Chronicle (1538), "The curates should provide a
booke of the bible in Englishe, of the largest volume, to be a ledger in the same church for the
parishioners to read on."
In application of this original meaning the commercial usage of the term is for the "principal book
of account" in a business house.
See also[edit]
Bookkeeping
Specialized journals
Notes[edit]
1.
Jump up^ From the English dialect forms liggen or leggen, to lie
or lay; in sense adapted from the Dutch substantive legger
2.
References[edit]
Further reading[edit]
Wikimedia Commons has
media related to Ledgers.
Look up ledger in
Wiktionary, the free
dictionary.
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