ACCOUNT, LEDGER

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Definitions

a page or several pages in a ledger listing all the transactions with a specific firm. The page is divided in half with a record of transactions resulting in debts to that firm posted on the left-hand side of the page or debit side and a record of transactions resulting in credit with that firm posted on the right-hand or credit side of the account. By totaling each side of the account it can be seen if one owes money to that firm or has credit with that firm.