Melissa Finnell, Treasurer
Profit & Loss / Balance Sheet
May 1, 2024 – April 30, 2024 will post June 1, 2025
Company General Ledger
A GL is the basis for a company's financial reporting, and is used to prepare financial statements like balance sheets and income statements.
The GL uses the double-entry bookkeeping method, which means that each transaction has a debit and credit entry. Debits are recorded on the left side of the ledger, and credits on the right.
A GL includes accounts for assets, liabilities, equity, expenses, and revenue. Each account summarizes a specific type of transaction
A trial balance confirms that the sum of all debit accounts equals the sum of all credit accounts.
Shareholder’s Account Balance
discuss how this is done…