1. Chapter 11

2. Section 11-1

3.  Subsidiary Ledgers:  A ledger that is summarized in a single general ledger account  Accounts Payable Ledger:  A subsidiary ledger containing only accounts for vendors from who you purchase merchandise from  Accounts Receivable Ledger:  Ledger for charge customers  Controlling Account  A subsidiary ledger that summarizes all accounts in subsidiary ledgers. The balance will equal the total of all account balances.

4.  Vendor Number  3 Digits  1 st Number is the Division number (Assets, Liabilities, and Owners Equity)  2 nd and 3 rd is the location in subsidiary ledger assigned by 10’s  For Example: 210  2 Means Liabilities  10 Means 1 st Liability on the list in Alphabetical Order  Division Number  1 – Assets  2- Liabilities  3- Owners Equity

5. Just a Reminder

6. Accounts Payable Balance = Controlling Ledger Account

7. 1.Write the vendor name. 2.Write the vendor number. 3.Write the date. 4.Write the word Balance. 5.Place a check mark in the Post. Ref. column. 6.Write the balance.

8. 1 2 3 4 5 1.Write the date. 2.Write the journal page number. 3.Write the credit amount. 4.Write the new account balance. 5.Write the vendor number.

9. 1 2 5 4 3 4.Subtract the amount in the Debit column from the previous balance in the Credit column. Write the new balance. 1.Write the date. 5.Write the vendor number. 2.Write the journal page number. 3.Write the debit amount.

10. 1.Write the date. 2.Write the general journal page number. 3.Write the amount. 4.Add the amount in the Credit column to the previous balance in the Credit Balance column. Write the new balance. 5.Write the vendor number. 1 2 4 3 5

11. 11LESSON 11-1 page 303 1.Write the date. 2.Write the general journal page number. 3.Write the amount. 4.Add the amount in the Debit column to the previous balance in the Debit Balance column. Write the new balance. 5.Write the vendor number. 1 4 2 5 3

12. Hobby Shack Inc Schedule of Accounts Payable November 30, 2011 American Paint7145.88 Ceramic Supply4147.20 Crown Distributing1787.00 Floral Designs996.00 Gulf Craft Supply900.00 Synthetic Arts3816.00 Total Accounts Payable18792.08 Schedule of Accounts Payable: a listing of vendor accounts, account balances, and total amount due all vendors.

13. 11-2

14.  Assign each customer an Account Number  1 st Digit:  Shows the controlling account is an Asset – Accts Receivable  2 nd and 3 rd Digit  Specific Customers ( 10, 20, and 30)  Whenever you change one of the customer account ledger it will change the controlling Accounts Receivable Ledger

15.  When an account is no longer in use you will remove it from the ledger and that number is available

17. 17LESSON 11-2 page 308 1 Customer name2 Customer number

18. 18LESSON 11-2 page 309 4.Add the amount in the Debit column to the previous balance in the Debit Balance column. Write the new account balance. 1.Write the date. 2.Write the sales journal page number. 3.Write the debit amount. 5.Write the customer number. 4 2 5 3 1

19. 19LESSON 11-2 page 310 4.Subtract the amount in the Credit column from the previous balance in the Debit Balance column. Write the new balance. 2.Write the cash receipts journal page number. 5.Write the customer number. 3.Write the credit amount. 1.Write the date. 4 1 2 3 5

20. 20LESSON 11-2 1.Write the date. page 311 4 2 1 5 2.Write the general journal page number. 3.Write the amount. 4.Subtract the amount in the Credit column from the previous balance in the Debit Balance column. Write the new balance. 5.Write the customer number. 3

21. 21LESSON 11-2 page 313

22. 11-3

23. 23LESSON 11-3 12 3456 page 315 1. Write the account title. 2. Write the account number. 3. Write the date. 4. Write the word Balance in the Item column. 5. Place a check mark in the Post. Ref. column. 6. Write the balance.

24. 24LESSON 11-3 page 316 4.Add the amount in the Debit column to the previous balance in the Balance Debit column. Write the new balance. 5.Write the general ledger account number. 1.Write the date. 2.Write the journal page number. 3.Write the debit amount. 4 2 3 1 5

25. 25LESSON 11-3 5.Write the general ledger account number. page 317 4 2 3 5 1 1.Write the date. 2.Write the general journal page number. 3.Write the amount. 4.Calculate and write the new account balance.

26.  Journals should be Posted in the Following Order  Sales  Purchases  General Journal  Cash Receipts  Cash Payments

27. 27LESSON 11-4 5.In the sales journal, write the general ledger account number. page 320 5 5 5 1 1 1 2 2 2 3 3 3 4 4 4 4.For each account, calculate and write the new account balance. 1.Write the date. 2.Write the sales journal page number. 3.For each column and account, write the column total.

28. 28LESSON 11-4 1.Write the date. page 321 4 4 1 1 3 3 5 5 2.Write the purchases journal page number. 3.For each account, write the purchases journal column total. 4.For each account, calculate and write the new balance. 5.Write the purchases general ledger account number and the accounts payable general ledger account number. 2 2

29. 29LESSON 11-4 page 322 55555 4 4 4 4 4 1 1 1 1 1 2 2 2 2 2 3 3 3 3 3 1.Date 2.Journal page number 3.Column total 4.Account balance 5.Account number

30. 30LESSON 11-4 page 324 1.Date 2.Journal page number 3.Column total 4.Account balance 5.Account number 2 2 2 3 3 3 4 4 4 55 5 1 1 1

31. 11-5

32. 32LESSON 11-5 1 2 3 4 56 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, $412.00. Memorandum No. 56. 1.Write the date. 5.Write the name of incorrectly charged customer. 2.Write the name of correct customer. 3.Write the memorandum number. 4.Write the amount. 6.Write the amount.

33. 33LESSON 11-5 page 328 2 2 1 1 4 4 5 5 3 3 3.Write the amount. 2.Write the general journal page number. 1.Write the date. 5.Write the appropriate customer number in the Post. Ref. columns. 4.Calculate and write the new account balances.