Other general ledger accounts that may become control accounts include Inventory, Equipment, and Accounts Payable. The summary amounts are found in the Accounts Receivable control account and the details for each customer's credit activity will be contained in the Accounts Receivable subsidiary ledger. Most commonly used GLs are revenues, expenses and. Examples of General Ledger Control AccountsĪ common example of a general ledger account that can become a control account is Accounts Receivable. General Ledger Accounts (GLs) are account numbers used to categorize types of financial transactions. In that situation all of the detail that supports the summary amounts in one of the control accounts will be available in a subsidiary ledger. Some general ledger accounts can become summary records and will be referred to as control accounts. nonoperating or other income accounts such as Gain on Sale of Assets, Interest Expense, and Loss on Disposal of Assets.operating expense accounts including Salaries Expense, Rent Expense, and Advertising Expense.operating revenue accounts such as Sales and Service Fee Revenues.Some of the general ledger income statement accounts and how they are arranged include: When posting the general journal, the date used in the ledger accounts is the date the. The choice is a matter of personal taste. Postings can be made (1) at the time the transaction is journalized (2) at the end of the day, week, or month or (3) as each journal page is filled.

stockholders' equity accounts such as Common Stock, Retained Earnings, Treasury Stock, and Accumulated Other Comprehensive Income Posting is always from the journal to the ledger accounts.liability accounts including Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits.

asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment.

Some of the more common balance sheet accounts and how they are further arranged in the general ledger include: These accounts are arranged in the general ledger (and in the chart of accounts) with the balance sheet accounts appearing first followed by the income statement accounts. What is a general ledger account? Definition of General Ledger AccountĪ general ledger account is an account or record used to sort, store and summarize a company's transactions.

Whats after a generalledger