1. Accounting I

2.  General Ledger  Ledger Accounting Form  Posting

3.  The group of accounts used by a business.  The accounting stationery used to record financial information about specific accounts.  The process of transferring information from the general journal to individual ledger accounts.

4. Taken from Glencoe Accounting, 5 th ed.,2004

5.  Running total of individual accounts in the business.  Each account is listed in the Chart of Accounts.  Manual accounting – each account is listed on its own “card”.’  Electronic forms appear similarly to the manual form:

6. 1.Account Title and Number 2.Single-line transaction 3.Post Reference – General Journal Page transaction is listed. Generally abbreviated to: G + Page Number 4.Transaction listed in first set of columns. 5.Balance placed on Normal Balance side of Account.

7.  Before a transaction can be posted, the account must be “opened”.  The number of steps depends on if the account is opened with a zero balance or not.

8. 1) Write the name of the account at the top of the ledger account form. 2) Write the account number on the ledger account form.

9. 1. Write the Account Name. 2. Write the Account Number. 3. Enter the Complete Date (year, month, day). 4. Write the word “Balance” in the description column. 5. Place a check ( ) in the Post Ref. column to indicate the amount is NOT being posted from the journal. 6. Enter the balance in the appropriate column.

10.  Posting brings the records of the business up-to-date.  In Manual accounting, posting is done by hand. And depends upon the amount of transactions of business does.  In electronic accounting the posting process is done automatically.

11.  Once the bank statement arrives, any fees must be recorded in the General Journal and then posted to the ledger accounts.  Fees are generally recorded in Miscellaneous Expense.

13.  When the normal account balance is a DEBIT: ◦ The posted amount is a debit, ADD the amounts. ◦ The posted amount is a credit, SUBTRACT the amounts.  When the normal account balance is a CREDIT: ◦ The posted amount is a debit, SUBTRACT the amounts. ◦ The posted amount is a credit, ADD the amounts.

14.  In manual accounting, to show a zero balance, a line is drawn across the center of the balance column – where the normal balance would appear.

15.  Guerrieri, Haber, Hoyt, & Turner. (2004) Glencoe Accounting: Real-World Applications & Connections. (5 th ed.) Woodland Hills, CA: Glencoe McGraw Hill.