General Ledger Question

by demar
(jamaica)

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Demar from Jamaica writes: Where do assets go in the general ledger?


If you're making up an actual General Ledger, with a ledger page for each account on your Chart of Accounts, you always enter the accounts in this order:

Assets (Current Assets first, then Plant Assets, then any Intangible Assets)

Liabilities (Current first, then Long-term)

Equity (Owner Capital Accounts or if a corporation, Common Stock, Retained Earnings, then any Dividends)

Hope that answers your question Demar!

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