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Posting Journal Entries Chapter 7 Accounting Jeopardy By Paul K. & Chris R. Mr. Lyman’s Class © January 2003.

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Presentation on theme: "Posting Journal Entries Chapter 7 Accounting Jeopardy By Paul K. & Chris R. Mr. Lyman’s Class © January 2003."— Presentation transcript:

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2 Posting Journal Entries Chapter 7 Accounting Jeopardy By Paul K. & Chris R. Mr. Lyman’s Class © January 2003

3 Posting Journal Entries Jeopardy General Ledger The Posting Process Preparing Trial Balance Finding Errors

4 Credits  Questions taken from Glencoe Accounting First-Year Course.  Typing Done by Paul Kirk.  Questions and answers found by Christopher T Riding. Exit

5 General Ledger $100  Step 4 in the accounting cycle.

6 General Ledger $100  What is posting to the general ledger?

7 General Ledger $200  The Ledger Account Form.

8 General Ledger $200  What is the accounting stationery or form used to record financial information?

9 General Ledger $300  (1) Write the account name at the top of the ledger account form.  (2) Write the account number on the ledger account form.

10 General Ledger $300  What are the two steps required to open an account with a zero balance?

11 General Ledger $400  Assets = Liabilities + Owner’s Equity

12 General Ledger $400  What is the basic accounting equation?

13 General Ledger $500  (1) Write the account name at the top of the ledger account form.  (2) Write the account number on the ledger account form.  (3) Enter the complete date (year, month, and day) in the date column.  (4) Write the word “Balance” in the Description column.  (5) Place a check mark ( ) in the Posting Reference column to show the amount entered on this line is not being posted from a journal.  (6) Enter the balance in the appropriate balance column of the ledger account form. Usually asset, expense and owner’s withdrawals accounts have debit balances. Liability, owner’s capital, and revenue accounts have credit balances.

14 General Ledger $500  What are the six steps to open an account with a balance?

15 The Posting Process $100  Fourth Step in the accounting cycle.

16 The Posting Process $100  What is the posting process?

17 The Posting Process $200  Account numbers that start with 1.

18 The Posting Process $200  What number starts the numbering of asset accounts?

19 The Posting Process $300  A line across the center of the column.

20 The Posting Process $300  What is the correct procedure to show a zero balance in a ledger account?

21 The Posting Process $400  Preparing a Trial Balance step.

22 The Posting Process $400  What is the fifth step in the accounting cycle?

23 The Posting Process $500  Posting Organizes business transaction details into the proper accounts.

24 The Posting Process $500  What is the importance of Posting?

25 Preparing Trial Balance $100  The Fifth Step in the Accounting Cycle.

26 Preparing Trial Balance $100  What is the Trial Balance?

27 Preparing Trial Balance $200  Adding all the debit balances, then adding all the credit balances, and finally comparing the two totals.

28 Preparing Trial Balance $200  What are the steps to proving the ledger?

29 Preparing Trial Balance $300  Trial Balance

30 Preparing Trial Balance $300  What is a formal way or way to prove that debits equal credits?

31 Preparing Trial Balance $400  Two Column accounting stationery or form.

32 Preparing Trial Balance $400  What is the paper that the trial balance is prepared on?

33 Preparing Trial Balance $500  Error in a journal entry that is not posted.  Error in posting to the ledger when the journal entry is correct.  Error in a journal entry that is posted.

34 Preparing Trial Balance $500  What are some common types of errors found in accounting?

35 Finding Errors $100  Correcting Entry.

36 Finding Errors $100  What is the step to fix an error that has been posted?

37 Finding Errors $200  “To err is human…”

38 Finding Errors $200  Why are mistakes found in accounting?  What is a philosophical statement found under the correcting entry heading?

39 Finding Errors $300  Transposition error.

40 Finding Errors $300  What is the type of error called when two digits within an amount are accidentally reversed?

41 Finding Errors $400  Slide Error.

42 Finding Errors $400  What is the error called when a decimal point is moved by mistake?

43 Finding Errors $500  Finding errors and making sure they are fixed.

44 Finding Errors $500  What is Good Accounting Etiquette?


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