Posting to a General Ledger

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Presentation transcript:

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

10. 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

page 57

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

11. 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 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 A GENERAL DEBIT COLUMN 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 A SECOND AMOUNT TO AN ACCOUNT page 97 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 A GENERAL CREDIT COLUMN page 98 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

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. LESSON 4-3

POSTING THE TOTAL OF THE SALES CREDIT COLUMN page 101 2 3 1 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 column total. LESSON 4-3

POSTING THE TOTAL OF THE CASH DEBIT COLUMN page 102 2 3 1 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 column total. LESSON 4-3

POSTING THE TOTAL OF THE CASH CREDIT COLUMN page 103 3 2 1 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 column total. 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