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The following is an excerpt from a letter written by the king's representative in Burgundy, the prince of Condé, to Jean-Baptiste Colbert, Louis XIV's controller general (Thinking Like a Historian) . In it, the prince reports on his efforts to compel the leaders of the province to pay taxes levied by the royal government: "Since then the Estates have deliberated every day, persuaded that the extreme misery in this province-caused by the great levies it has suffered, the sterility [of the land] in recent years, and the disorders that have recently occurred-would induce the king to give them some relief. That is why they offered only 500,000 for the free gift. Then, after I had protested this in the appropriate manner, they raised it to 600,000, then 800,000, and finally 900,000 livres. Until then I had stood firm at 1.5 million, but when I saw that they were on the verge of deciding not to give any more . . . I finally came down to the 1.2 million livres contained in my instructions and invited them to deliberate again."
Based on this passage, one can conclude that
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An organized list of all accounts in a business's general ledger, categorizing assets, liabilities, equity, revenue, and expenses.
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