The Gender Ledger Cycle

Abstract

The general ledger cycle consists of posting of entries from special journals, subsidiary ledgers, and general journal to general ledger; as well as generating financial, managerial and special reports. Accounting transactions are first recorded in special and general journals from source documents and posted to subsidiary and general ledgers. At the end of the accounting period, an unadjusted trial balance is prepared. Then adjusting entries are made based on information from the controller and treasurer. The general ledger can then be used to generate required reports. Once the financial statements are finalized, accounting books are closed via closing entries, and a post-closing trial balance is prepared. The traditional use of a general ledger has been for generating financial reports for investors. Every student of accounting knows this.