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Simple English definitions for legal terms
ledger
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A quick definition of ledger:
A ledger is a book or set of books used to keep track of money coming in and going out. It helps people keep track of how much money they have and where it is going. In the past, a ledger could also refer to a person who represented their country in another place.
A more thorough explanation:
A ledger is a book or set of books used to record financial transactions. It shows the money that comes in and goes out of a business or organization. The ledger is divided into two parts: debits and credits. Debits are the money that is spent or owed, while credits are the money that is earned or received.
For example, if a company buys supplies for $100, that would be recorded as a debit in the ledger. If the company sells a product for $200, that would be recorded as a credit. The ledger helps keep track of the company's financial health and can be used to create financial statements.
The term "ledger" can also refer to an archaic meaning, which is a resident ambassador or agent. This usage is not commonly used today.
Example:
A small business owner keeps a ledger to track all of the company's financial transactions. Each time money is spent or earned, it is recorded in the ledger. At the end of the month, the owner can use the ledger to see how much money was made and spent, and make decisions about the future of the business.