Posting to a General Ledger

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Presentation transcript:

Posting to a General Ledger Chapter 4 Posting to a General Ledger

4.1 Ledgers and posting Ledger– a group of accounts page 92 - 93 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 File maintenance – the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current

RELATIONSHIP OF A T ACCOUNT TO AN ACCOUNT FORM page 91 Balance columns LESSON 4-1

page 57

Opening an account page 94 Opening an account – writing an account title and number on the heading of an account

4.2 Posting to a Ledger page 96 Posting– transferring information from a journal entry to a ledger account 5 steps to posting Write the date (ledger) – remember year and month for 1st entry Write the journal page number in Post Ref. (ledger) Write the current debit/credit amount (ledger) Update the balance (ledger) Place the account number in journal (journal)

POSTING AN AMOUNT FROM THE DEBIT COLUMN OF A GENERAL JOURNAL page 96 2 1 3 5 4 1. Write the date. 4. Write the new account balance. 2. Write the journal page number. 5. Return to the journal and write the account number. 3. Write the debit amount. LESSON 4-2

POSTING AN AMOUNT FROM THE CREDIT COLUMN OF A GENERAL JOURNAL LESSON 4-2 2/18/2019 POSTING AN AMOUNT FROM THE CREDIT COLUMN OF A GENERAL JOURNAL page 97 2 1 5 3 4 1. Write the date. 4. Write the new account balance. 2. Write the journal page number. 5. Return to the journal and write the account number. 3. Write the credit amount. LESSON 4-2 GREEN

POSTING A DEBIT AMOUNT TO AN ACCOUNT WITH A DEBIT BALANCE page 98 2 1 3 5 4 1. Write the date. 4. Write the new account balance. 2. Write the journal page number. 5. Return to the journal and write the account number. 3. Write the debit amount. LESSON 4-2

POSTING A DEBIT AMOUNT TO AN ACCOUNT WITH A CREDIT BALANCE page 99 2 1 3 5 4 1. Write the date. 4. Write the new account balance. 2. Write the journal page number. 5. Return to the journal and write the account number. 3. Write the debit amount. LESSON 4-2

JOURNAL PAGE WITH POSTING COMPLETED (continued on next slide) LESSON 4-2

JOURNAL PAGE WITH POSTING COMPLETED LESSON 4-2 2/18/2019 JOURNAL PAGE WITH POSTING COMPLETED page 100 (continued from previous slide) LESSON 4-2 GREEN

GENERAL LEDGER WITH POSTING COMPLETED LESSON 4-3 2/18/2019 GENERAL LEDGER WITH POSTING COMPLETED page 102 (continued on next slide) LESSON 4-3 GREEN

PROVING CASH page 106 Proving cash – determining the amount of cash agrees with the balance of the cash account in the accounting records LESSON 4-3

4.3 MEMORANDUM FOR A CORRECTING ENTRY page 106 LESSON 4-3

Correcting entry Correcting entry – a journal entry made to correct an error in the ledger Nov. 13 - A cash payment of $140.00 for advertising on October 15th, 2011 was debited in error to miscellaneous expense M15