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 ...

A general ledger contains all balance sheet and income statement accounts. A general ledger controlling account represents a summary of transactions recorded in a subsidiary ledger. In turn, a ...

How Ledgers and Journals Are Used in Accounting Get an overview of these fundamental bookkeeping tools. Ledgers and journals are the foundational tools used in the bookkeeping process. A ledger is a ...

Most businesses offer their customers the option to pay on credit — often called “trade credit” — to provide added flexibility and convenience. When a customer purchases a product or service on credit ...

What Is the Difference between Accounts Receivable and Accounts Payable? Your email has been sent Accounts payable and receivable are required to ensure your cash flow and spending are appropriately ...