The General Ledger

As you studied before the general journal is, in essence, a notebook that comprises page after page of in depth accounting transactions. In contrast, the general ledger is, in real meaning, another notebook that comprises a page for each and every account in use by the corporation. The ledger account for Xao should be including the

Cash page as given below:

Xao's transactions utilized all of the accounts given below:

• Cash
• Land
• Accounts Payable
• Notes Payable
• Capital Stock
  Accounts Receivable
• Service Revenue
• Advertising Expense
• Utilities Expense

Hence Xao Corporation's general ledger will involve a separate page for each of the nine accounts.

1. Posting

Before sub-dividing into the details of each and every account, let's believe what we are about to do. We are going to establish the balance of each specific account by posting. For doing all this, we will copy ("post") the entries listed in the journal into their individual ledger accounts.

In other words we can say that the debits and credits in the journal will be accumulated ("transferred"/ "sorted") into the suitable debit and credit columns of each ledger page. an illustration The posting process is given below.

Notice that arrows are made to show how the first journal entry is posted. A similar method would occur for each of the other accounts.

In re-checking the ledger accounts at right, notice that the "description" column involves a cross-reference back to the journal page in which the transaction was originally recorded.

This reduces the amount of full information that might be recorded in the ledger, and gives an audit trail back to the initial transaction in the journal.

2. To Review

Thus far you should have grasped the below accounting "steps":

• STEP 1: Each transaction is analyzed to determine the regarding accounts.
• STEP 2: A journal entry is entered into the general journal for each operation.
• STEP 3: At regular intervals the journal entries are posted to the appropriate general ledger page

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