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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 LESSON 4-1 TERMS REVIEW Ledger – a group of accounts general ledger – ledger that contains all accounts needed to prepare financial statements account number – the number assigned to an account file maintenance – Procedure for arranging accounts in a general ledger, assigning account numbers and keeping records current opening an account – writing an account number and title on the heading of an account page 95
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 4-1 RELATIONSHIP OF A T ACCOUNT TO AN ACCOUNT FORM page 91 Balance columns
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 4-1 CHART OF ACCOUNTS page 92
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 4-1 ACCOUNT NUMBERS page 92
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 4-1 1.Write the account title. 2.Write the account number. OPENING AN ACCOUNT IN A GENERAL LEDGER page 94 12
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-2 Posting Separate Amounts from a Journal to a General Ledger
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 8 LESSON 4-2 TERM REVIEW Posting – transferring information from a journal to a ledger page 99
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 9 LESSON 4-2 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. POSTING AN AMOUNT FROM A GENERAL DEBIT COLUMN page 96 3 5 1 2 4
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 10 LESSON 4-2 POSTING A SECOND AMOUNT TO AN ACCOUNT page 97 3 5 1 2 4 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.
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 11 LESSON 4-2 POSTING AN AMOUNT FROM A GENERAL CREDIT COLUMN page 98 3 5 1 4 1.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. 2
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-3 Posting Column Totals from a Journal to a General Ledger
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 13 LESSON 4-3 CHECK MARKS SHOW THAT AMOUNTS ARE NOT POSTED page 100 Check mark indicates that amounts ARE NOT posted individually. Check mark indicates that general amount column totals ARE NOT posted.
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 14 LESSON 4-3 POSTING THE TOTAL OF THE SALES CREDIT COLUMN page 101 1 4 1.Write the date.4.Write the new account balance. 2.Write the journal page number. 3.Write the column total. 5.Return to the journal and write the account number. 2 3 5
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 15 LESSON 4-3 POSTING THE TOTAL OF THE CASH DEBIT COLUMN page 102 1 4 1.Write the date.4.Write the new account balance. 2.Write the journal page number. 3.Write the column total. 5.Return to the journal and write the account number. 2 5 3
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 16 LESSON 4-3 POSTING THE TOTAL OF THE CASH CREDIT COLUMN page 103 1 4 1.Write the date.4.Write the new account balance. 2.Write the journal page number. 3.Write the column total. 5.Return to the journal and write the account number. 2 5 3
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-4 Completed Accounting Forms and Making Correcting Entries
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 18 LESSON 4-4 JOURNAL PAGE WITH POSTING COMPLETED page 105
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 19 LESSON 4-4 MEMORANDUM FOR A CORRECTING ENTRY page 108
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 20 LESSON 4-4 JOURNAL ENTRY TO RECORD A CORRECTING ENTRY page 108 4 Source Document 3 Credit 1 Date 2 Debit 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, $140.00. Memorandum No. 15.
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 21 LESSON 4-4 TERM REVIEW correcting entry – journal entry used to correct a previously incorrect entry page 109
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