Review POSTING Refer to link: Note%20-%20Posting.html Note%20-%20Posting.html.

Slides:

Advertisements

Similar presentations

First exercise of the day to start a new chapter in Mrs. Cleary’s accounting class. Complete the following: 1.) Write your name on a sheet of paper. 2.)

Advertisements

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 11-2 Posting to an Accounts Receivable Ledger.

Trial Balance. Accounting Cycle: 1. Transaction Occurs 2. Journal entry 3. General Ledger (t-accounts) 4. Trial Balance.

C HAPTER 4 Account Balances & Trial Balance. C ALCULATING THE B ALANCE OF A T-A CCOUNT Step 1 – Draw a line across the account at the end of the numbers.

Finding and Correcting Errors on a Work Sheet Chapter 6, Section 4.

BAF3M Accounting Chapter 7 – Posting.

Trial Balance. The information for ledgers comes from balance sheets. -This means it is already in balance. As you make changes to the Ledger, it is possible.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 11-2 Posting to an Accounts Receivable Ledger.

Week 4.  Contains a chronological list of transactions all in one place.  Does not tell business owner what the account balances are for each account.

@ 2012, Cengage Learning Analyzing Transactions LO 4b – Discovery and Correction of Errors.

Chapter 7 Quiz on next Tuesday Nov 3.  Let’s review how trial balance is made: 1. Journal entry is made in journal. Debit amount and Credit amount must.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 6-4 Finding and Correcting Errors on the Work Sheet.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 11-1 Posting to an Accounts Payable Ledger.

 When setting up a ledger, where does the beginning balance of ledger accounts come from? ◦ They come from a balance sheet. If your ledger starts from.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 6-2 Planning Adjusting Entries on a Work Sheet.

LESSON 11-1 Posting to an Accounts Payable Ledger.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 6-4 Finding and Correcting Errors on the Work Sheet.

Posting from a General Journal to a General Ledger Accounting I Chapter 4, Section 2.

NORTHERN SECONDARY SCHOOL 1 Chapter 7 Posting. NORTHERN SECONDARY SCHOOL 2 Accounting Cycle So Far.

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO5Post amounts from a general journal.

Chapter 7.2 – Trial Balance out of Balance

3-4 Notes. Proving a Journal Page 1)Add each of the amount columns 2)Add the debit column totals, and then add the credit column totals. 3)Verify that.

Section 2Posting Closing Entries and Preparing a Post-Closing Trial Balance What You’ll Learn  How to record closing entries in the general ledger. 

Section 2Posting Closing Entries and Preparing a Post-Closing Trial Balance What You’ll Learn  How to record closing entries in the general ledger. The.

Chapter 7.1 Posting Accounting data in this journal entry has not yet been transferred to the ledger Journal.

Section 3Preparing a Trial Balance What You’ll Learn  The purpose of a trial balance.  How to prepare a trial balance.  How to identify and locate trial.

Chapter 4.4: Trial Balance. Ledger A “book” storing all accounts Total of all debit balance accounts equal total of all credit balance accounts Supplies.

Unit #7 –Posting to the Ledger

Chapter 7 Posting. The T Account Simplified version of ledger account Includes: ▫Account name ▫Debits ▫Credits ▫Dates of transactions ▫Final account total.

POSTING JOURNAL ENTRIES TO GENERAL LEDGER ACCOUNTS Chapter 7.

Posting Separate Amounts from a Journal to a General Ledger POSTING TRANSFERRING INFORMATION FROM A JOURNAL ENTRY TO A LEDGER ACCOUNT POSTING.

LESSON 11-2 Posting to an Accounts Receivable Ledger.

Review POSTING Refer to link: Note%20-%20Posting.html Note%20-%20Posting.html.

WHY DO WE DO A TRIAL BALANCE? Periodically it is necessary to check the accuracy of the ledger (your T-accounts) TRIAL BALANCETo do this we use a form.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 11-3 Posting from Journals to a General Ledger.

 Many different parties rely on the information produced by accounting systems  There needs to be a high degree of accuracy  Any errors must be discovered.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 6-4 Finding and Correcting Errors on the Work Sheet.

Chapter 7, Section 1 Posting Journal Entries to General Ledger Accounts.

LESSON 11-1 Posting to an Accounts Payable Ledger

ACCOUNTS RECEIVABLE LEDGER AND GENERAL LEDGER CONTROLLING ACCOUNT

Lesson 4-2 Posting Separate Amounts from a Journal to a General Ledger

$ $ $ $ Section 3 Preparing a Trial Balance What You’ll Learn

LESSON 4-2 Posting from a General Journal to a General Ledger

POST-CLOSING TRIAL BALANCE

Overcoming Errors.

Review POSTING Refer to link:

The Accounting Cycle The General Journal.

$ $ $ $ Section 3 Preparing a Trial Balance What You’ll Learn

The Trial Balance To set up our ledger, we use information from the balance sheet. Changes caused by transactions are recorded in the ledger. (T Accounts)

LESSON 11-1 Posting to an Accounts Payable Ledger

Posting to an Accounts Receivable Ledger

Lesson 4-3 Posting Column Totals from a Journal to a General Ledger

Lesson 4-3 Posting Column Totals from a Journal to a General Ledger

Lesson 4-2 Posting Separate Amounts from a Journal to a General Ledger

ACCOUNTS PAYABLE LEDGER AND GENERAL LEDGER CONTROLLING ACCOUNT

LESSON 4-2 Posting from a General Journal to a General Ledger

Lesson 4-3 Posting Column Totals from a Journal to a General Ledger

LESSON 11-3 Posting from Journals to a General Ledger

LESSON 11-1 Posting to an Accounts Payable Ledger

Lesson 4-2 Posting Separate Amounts from a Journal to a General Ledger

LESSON 11-1 Posting to an Accounts Payable Ledger

LESSON 11-3 Posting from Journals to a General Ledger

LESSON 11-1 Posting to an Accounts Payable Ledger

LESSON 11-3 Posting from Journals to a General Ledger

Posting to an Accounts Receivable Ledger

Posting to an Accounts Receivable Ledger

STARTING A NEW PAGE FOR AN ACCOUNT IN A GENERAL LEDGER

Posting to an Accounts Receivable Ledger

Presentation transcript:

Review POSTING Refer to link: Note%20-%20Posting.html Note%20-%20Posting.html

Is your Trial balance out of balance?

One or more error has been made in the journal, ledger, or trial balance. Some errors are difficult to spot, and can only be found by a persistent and expertly conducted search!

First Check: 1. Re-add the trial balance columns 2. Check ledger against trial balance (debit & credit) 3. Re-calculate the ledger t-accounts 4. Check journal to ledger accounts (posting)

Shortcuts: If only one error has been made, it can often be located quickly by means of a few short tests:

Shortcuts (cont.) 1. Write down the trial balance difference 2. If the difference is even $1, $10, $100. Re- add the trial balance & ledger (addition error) 3. Look for an entry equal to the difference (entry missed or posted twice)

4. Does the difference divide equally by 9? (transposition error: eg. 123  132) 5. Is the difference an even amount? If yes, divide by two & search the records for this amount (posting the wrong side of account in ledger or trial balance)

6. If you have yet to find the error, PANIC!

Homework: Complete any outstanding work for this week: Exercise #6 p. 202 (t), p. 105 (w) Exercise #2 & 3 p. 219 (t), p (w) Go back and check to make sure you have all the questions done from last week

Announcement TEST FRIDAY OCTOBER 28 th, 2011