Nolan Accounting Center

JUNE 15, 2025

For each transaction, there must be at least one debit and one credit equaling each other recorded on the company’s general ledger accounts. Generally, a business will assign transactions to one of five main account types: Asset accounts contain the resources that a company relies on to generate revenue.

Small Business Accounting

Nolan Accounting Center

JUNE 15, 2025

For each transaction, there must be at least one debit and one credit equaling each other recorded on the company’s general ledger accounts. Generally, a business will assign transactions to one of five main account types: Asset accounts contain the resources that a company relies on to generate revenue.

General Ledger

Accounting Tools

NOVEMBER 1, 2023

Here are several examples of the types of transactions in which an accountant may become involved: Issuing an invoice to a customer , which involves recording a sale and account receivable. Receiving an invoice from a supplier , which involves recording an expense or asset and an account payable.

General Ledger