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Updated on January 24, 2023
A general ledger contains all the financial statement accounts of a business. It contains offsetting debit and credit accounts. Certain accounts in the general ledger, termed control accounts, summarize the details booked on separate subsidiary ledgers.
A general ledger keeps records of every company financial transaction and stores account information that is needed to prepare the company’s financial statements, such as assets, liabilities, owners’ equity, revenues, and expenses.
“As the bookkeeper at our company, I keep all expenses up to date in a general ledger so there are no questions about financial transactions.”
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