Textbook Notes (362,990)
Canada (158,131)
MGAB01H3 (126)
Liang Chen (50)
Chapter 3.3

Chapter 3.3

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University of Toronto Scarborough
Financial Accounting
Liang Chen

Chapter 3 The Ledger The entire group of accounts that are maintained by a company is referred to as the ledger. The ledger keeps all the information about changes in specific account balances in one place. A general ledger contains all the asset, liability, equity, revenue and expense accounts. Most companies list their ledger accounts in a chart of accounts. The chart of accounts is the framework for the accounting database. The 1XXX series belong to assets, 2XXX series belong to liabilities, 3XXX belong to equity, 4XXX revenue, and 5XXX expense accounts. Posting The procedure of transferring journal entries to the general ledger accounts is called posting. This phase of the recording process accumulates the effects of journalized transactions in the individual accounts. Posting should be done chronologically. The basic steps in the recording process shown in the (1) transaction analyses, (2) general journal, and (3) general ledger are the first three steps in what is called the account
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