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 ...

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 ...