⟩ Explain me what is the general classification of accounts that usually ledger account involve?
The general classification of accounts that usually ledger account involves are
☛ Assets- Cash, Accounts Receivable
☛ Liabilities- Accounts Payable, Loans Payable
☛ Stockholders’ equity- Common Stock
☛ Operating revenues- Revenues through Sales
☛ Operating expenses- Rent Expense, Salaries Expense
☛ Non-operating revenues and gains- Investment Income, gain on Disposal of Equipment
☛ Non-operating revenues and losses- Interest Expense, Loss on Disposal of Equipment
