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The general ledger consists of key components and follows a structured format. Its primary components include individual accounts that represent specific financial categories, such as assets, liabilities, equity, revenue, and expenses. Companies large enough to make use of subledgers will manage their accounting in their enterprise resource management (ERP) systems or integrated accounting systems. An…
Dividends declared account is a temporary contra account to retained earnings. The balance in this account will be transferred to retained earnings when the company closes the year-end account. However, recording dividends should be simple (especially if you have your bookkeeper do it). Whether you follow GAAP or use cash-basis accounting, you can make sure…