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Www.company.com Chapter 11 Posting to General and Subsidiary Ledgers.

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Presentation on theme: "Www.company.com Chapter 11 Posting to General and Subsidiary Ledgers."— Presentation transcript:

1 Chapter 11 Posting to General and Subsidiary Ledgers

2 ACCOUNTS PAYABLE LEDGER AND GENERAL LEDGER CONTROLLING ACCOUNT page 299 Subsidiary ledger: A ledger that is summarized in a single general ledger account

3 New Vocabulary Accounts payable ledger: A subsidiary ledger containing only accounts for vendors from whom merchandise is purchased on account or other items are bought on account Accounts receivable ledger: A subsidiary ledger containing only accounts for charge customers Controlling account: An account in a general ledger that summarizes all accounts in a subsidiary ledger LESSON 11-1

4 ACCOUNTS PAYABLE LEDGER FORMS page 300

5 POSTING FROM A PURCHASES JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page

6 POSTING FROM A CASH PAYMENTS JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page Subtract the amount in the Debit column from the previous balance in the Credit column. Write the new balance

7 POSTING A CREDIT ENTRY FROM A GENERAL JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page Add the amount in the Credit column to the previous balance in the Credit Balance column. Write the new balance

8 POSTING A DEBIT ENTRY FROM A GENERAL JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page

9 COMPLETED ACCOUNTS PAYABLE LEDGER & Schedule of Accounts Payable page 304 Schedule of accounts payable: A listing of vendor accounts, account balances, and total amount due from all vendors

10 Audit Your Understanding What is the relationship between a controlling account and a subsidiary ledger? A controlling account summarizes all accounts in a subsidiary ledger. The balance of the controlling account equals a total of all account balances in its related subsidiary ledger. In which column of the cash payments journal are the amounts that are posted individually to the accounts payable ledger? Accounts Payable Debit Column

11 Work Together P. 306

12 ACCOUNTS RECEIVABLE LEDGER AND GENERAL LEDGER CONTROLLING ACCOUNT page 307

13 ACCOUNTS RECEIVABLE LEDGER FORMS page Customer name2 Customer number

14 POSTING FROM A SALES JOURNAL TO AN ACCOUNTS RECEIVABLE LEDGER page

15 POSTING FROM A CASH RECEIPTS JOURNAL TO AN ACCOUNTS RECEIVABLE LEDGER page

16 POSTING A CREDIT ENTRY FROM A GENERAL JOURNAL TO AN ACCOUNTS RECEIVABLE LEDGER page

17 COMPLETED ACCOUNTS RECEIVABLE LEDGER & Schedule of Accounts Receivable page 312 Schedule of Accounts Receivable: A listing of customer accounts, account balances, and total amount due from all customers

18 Audit Your Understanding To which accounts are the separate amounts in the Sales Journal posted individually? Customer accounts listed in the accounts receivable debit column In which column of the cash receipts journal are the amounts that are posted individually to the accounts receivable ledger? Accounts receivable credit column What accounts are listed on a schedule accounts receivable? All customer accounts that have balances

19 Work Together Workbook, page 357

20 STARTING A NEW PAGE FOR AN ACCOUNT IN A GENERAL LEDGER page 315

21 POSTING FROM THE GENERAL AMOUNT COLUMNS OF A CASH PAYMENTS JOURNAL TO A GENERAL LEDGER page

22 POSTING A DEBIT ENTRY FROM A GENERAL JOURNAL TO A GENERAL LEDGER page

23 POSTING A CREDIT ENTRY FROM A GENERAL JOURNAL TO A GENERAL LEDGER page

24 Audit Your Understanding Which amounts in a General Journal are posted individually? Amounts in the debit and credit columns List the five steps for posting to a general ledger account. (1) Record the date (2) Record the Journal page number (3) Write the amount in the debt or credit column (4) Calculate and write the new account balance in the balance debit or credit column (5) Write the general ledger account number in the posting reference column of the journal

25 Work Together Workbook, Application 11-3

26 POSTING TOTALS OF A SALES JOURNAL TO A GENERAL LEDGER page

27 POSTING THE TOTAL OF A PURCHASES JOURNAL TO A GENERAL LEDGER page

28 POSTING SPECIAL AMOUNT COLUMN TOTALS OF A CASH RECEIPTS JOURNAL TO A GENERAL LEDGER page

29 POSTING SPECIAL AMOUNT COLUMN TOTALS OF A CASH PAYMENTS JOURNAL TO A GENERAL LEDGER page

30 Audit Your Understanding For which columns of the special journal are the column totals posted in the general ledger? For each special amount column In what order should special journals be posted to the general ledger? (1) Sales Journal, (2) Purchases Journal, (3) General Journal, (4) Cash Receipts Journal, (5) Cash Payments Journal

31 Work Together Workbook, Application 11-4

32 JOURNALIZING CORRECTING ENTRIES AFFECTING CUSTOMER ACCOUNTS page 327 December 10. Discovered that a sale on account to Cumberland Center on December 3 was incorrectly charged to the account of Country Crafters, $ Memorandum No. 56.

33 POSTING CORRECTING ENTRIES AFFECTING CUSTOMER ACCOUNTS page

34 Audit Your Understanding What is the source document for correcting entries affecting customer accounts? Memorandum

35 Working Together Workbook, Application 11-5

36 Ma and Pa Kettle Math

37 Ma and Pa Kettle Math

38 The End


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