Assertion: general ledger's transaction | /r/CapableOf | affect expense
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text: As a General Ledger (GL) records all of the transactions that affect a company’s accounting elements such as Assets, Liabilities, Equity, Expenses, and Revenue, it is the data source used to construct the Balance SheetBalance SheetThe balance sheet is one of the three fundamental financial statements.
text: Balance Sheet Using the Balance Sheet method, you’ll identify two posting accounts: a Balance Sheet deferral account to be used with the initial transaction for the deferred revenue or expense, and a Profit and Loss recognition account to be used with each period’s deferral transaction that recognizes the expense or revenue.