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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts.

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Presentation on theme: "CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts."— Presentation transcript:

1 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

2 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 LESSON 4-1 RELATIONSHIP OF A T ACCOUNT TO AN ACCOUNT FORM page 91 Balance columns

3 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 4-1 CHART OF ACCOUNTS page 92

4 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 4-1 ACCOUNT NUMBERS page 92

5 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON Write the account title after the word Account in the heading. 2.Write the account number after the words Account No. in the heading. OPENING AN ACCOUNT IN A GENERAL LEDGER page 94 12

6 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 4-1 TERMS REVIEW Ledger – a group of accounts general ledger – a ledger that contains all accounts needed to prepare financial statements account number – the number assigned to an account page 95

7 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 7 LESSON 4-1 TERMS REVIEW file maintenance – the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current opening an account – writing an account title and number on the heading of an account page 95

8 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-2 Posting from a General Journal to a General Ledger

9 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 9 LESSON Write the date.4.Write the new account balance. 2.Write the journal page number. 3.Write the debit amount. 5.Return to the journal and write the account number. POSTING AN AMOUNT FROM THE DEBIT COLUMN OF A GENERAL JOURNAL page

10 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 10 LESSON 4-2 POSTING AN AMOUNT FROM THE CREDIT COLUMN OF A GENERAL JOURNAL page Write the date.4.Write the new account balance. 2.Write the journal page number. 3.Write the credit amount. 5.Return to the journal and write the account number

11 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 11 LESSON 4-2 POSTING A DEBIT AMOUNT TO AN ACCOUNT WITH A DEBIT BALANCE page Write the date.4.Write the new account balance. 2.Write the journal page number. 3.Write the debit amount. 5.Return to the journal and write the account number. 2

12 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 12 LESSON 4-2 POSTING A DEBIT AMOUNT TO AN ACCOUNT WITH A CREDIT BALANCE page 99 1.Write the date.4.Write the new account balance. 2.Write the journal page number. 3.Write the debit amount. 5.Return to the journal and write the account number

13 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 13 LESSON 4-2 JOURNAL PAGE WITH POSTING COMPLETED (continued on next slide) page 100

14 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 14 LESSON 4-2 JOURNAL PAGE WITH POSTING COMPLETED page 100 (continued from previous slide)

15 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 15 LESSON 4-2 TERM REVIEW Posting – transferring information from a journal entry to a ledger account page 101

16 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-3 Completed General Ledger, Proving Cash, and Making Correcting Entries

17 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 17 LESSON 4-3 GENERAL LEDGER WITH POSTING COMPLETED page 102 (continued on next slide)

18 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 18 LESSON 4-3 GENERAL LEDGER WITH POSTING COMPLETED page 103 (continued on next slide)

19 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 19 LESSON 4-3 GENERAL LEDGER WITH POSTING COMPLETED page 103 (continued on next slide)

20 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 20 LESSON 4-3 GENERAL LEDGER WITH POSTING COMPLETED page 104 (continued on next slide)

21 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 21 LESSON 4-3 GENERAL LEDGER WITH POSTING COMPLETED page 104 (continued on next slide)

22 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 22 LESSON 4-3 GENERAL LEDGER WITH POSTING COMPLETED page 105 (continued on next slide)

23 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 23 LESSON 4-3 GENERAL LEDGER WITH POSTING COMPLETED page 105 (continued from previous slide)

24 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 24 LESSON 4-3 PROVING CASH page 106

25 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 25 LESSON 4-3 MEMORANDUM FOR A CORRECTING ENTRY page 106

26 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 26 LESSON 4-3 November 13. Discovered that a payment of cash for advertising in October was journalized and posted in error as a debit to Miscellaneous Expense instead of Advertising Expense, $ Memorandum No. 15. JOURNAL ENTRY TO RECORD A CORRECTING ENTRY page Source Document 3 Credit 1 Date 2 Debit

27 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 27 LESSON 4-3 TERMS REVIEW proving cash – determining that the amount of cash agrees with the accounting records correcting entry – a journal entry made to correct an error in the ledger page 108


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