CHAPTER 33 Converting “T” Ledger Accounts To Continuous Balance Ledger Accounts Based on Qs 2, (Creditor) 7, (Debtor) 11 (Gains) and 12 (Expenses) in the.

Slides:

Advertisements

Similar presentations

Analyzing Transactions into Debit and Credit Parts

Advertisements

The Accounts of the General Ledger

Planning Adjusting Entries on a Worksheet

LESSON 11-1 Posting to an Accounts Payable Ledger

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 11-1 Posting to an Accounts Payable Ledger.

AS Accounting Unit 1 Past Examination Paper June 2009.

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

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

Chapter 7: Posting to the Ledger

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Accounting Bell Ringer Tuesday, April 17 “TAX DAY” BELL RINGER Crossword Puzzle Choose the.

Debit and credit balances guidelines Debit balance Cash account Purchases account Returns in Fixed asset accounts Expenses accounts Drawing accounts Debtor’s.

Unlocking Financial Accounting Chapter 2 Chapter 2 Recording transactions Learning summary By the end of this chapter you should know: the dual aspect.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-2 Posting from a General Journal to a General Ledger.

* Debit * An entry recording an amount owed, listed on the left-hand side or column of an account. * Credit * The ability to obtain goods or services.

LEVEL 2 AAT Balancing a ledger account. Step 1: Total both the debit and the credit side of the ledger account and make a ‘sun total’ note of each total.

Chapter 6 Moving from Day Books through the Ledgers to the Trial Balance.

Financial Statement Trial balance proves the arithmetical accuracy of the business transactions, but it is not the end. The businessman is interested in.

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

 A businesses size, number of transactions, and types of transactions determine the number of ledgers used in an accounting system.

Introduction to Double Entry Accounting (複式簿記)

The Accounts of the General Ledger BALANCE SHEET SECTION DEBIT (DR) CREDIT (CR) CAPITAL DRAWINGS ASSETS INCOME EXPENSES NOMINAL SECTION LIABILITIES.

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

LESSON 11-1 Posting to an Accounts Payable Ledger.

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

Correction of Errors 1Purpose of a Trial Balance A trial balance is prepared to test the __________ of the book keeping. As every transaction recorded.

Chapter 7 – Posting | DRAFT | Accounting 1, 7 th Edition 1 Chapter 7 Posting Ch7.

Depreciation of Assets. Depreciation – The systematic allocation of the cost of an asset over its useful life is called depreciation. For example, the.

The Six-Column Work Sheet

CHAPTER 39 End of Year Procedure (HL only) Expenses due and prepaid Gains due and prepaid Depreciation of Fixed Asset.

1 FINANCIAL ACCOUNTING Week 2: LECTURE 2. 2 Learning Objectives What are accounts and what is the ledger? Understand the principles of double entry. Understand.

PPTs to accompany Accounting and Bookkeeping Principles and Practice by AAT & David Willis  2011 McGraw-Hill Australia Pty Ltd CHAPTER 5 Postings to ledger.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 6-3 Extending Financial Statement Information on a Work Sheet.

* Debit * An entry recording an amount owed, listed on the left-hand side or column of an account. * Credit * The ability to obtain goods or services.

CONTROL ACCOUNTS.

ACT 110 Is EASY POP! Our Confession Because ME en come to UG fuh FAIL! Yo mad or what!

Balancing Accounts Mr. BarryA-Level Accounting Year 12.

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

Chapter 13 Single Entry: Incomplete Records. Introduction Incomplete records are normally prepared by businesses which lack professional management or.

The heading should identify the entity, the document and the time period.

LESSON 11-2 Posting to an Accounts Receivable Ledger.

0 Glencoe Accounting Unit 4 Chapter 17 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Using the Purchases Journal The purchases journal.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-2 Posting from a General Journal to a General Ledger.

Book of First Entry, Ledger and Trial Balance Question

FAC1502 Inventory Inventory have the potential to contribute to the flow of cash to the entity.

Suspense By Maura Fehily. Suspense By Maura Fehily.

The Six-Column Work Sheet

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

SUSPENSE You sell on credit to Debtors

Chapter 8 – Posting to General Ledger Accounts

The trial balance PART 1.

“POSTING” TO THE GENERAL LEDGER

Chapter 7 Posting 7 Chapter 7 – Posting | Accounting 1, 7th Edition.

Manual Accounting & Computerized Accounting

Chapter 4 Introduction to the Ledger Accounts

Chapter 2 The Double Entry System for assets, liabilities and capital

Posting to an Accounts Receivable Ledger

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

LESSON 11-3 Posting from Journals to a General Ledger

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

LESSON 11-3 Posting from Journals to a General Ledger

Example Exercise 3 Estimating Uncollectible Accounts

LESSON 11-3 Posting from Journals to a General Ledger

CHAPTER 37 Debtors and Creditors Control Accounts

Posting to an Accounts Receivable Ledger

CHAPTER 36 The General Journal

Posting to an Accounts Receivable Ledger

Posting to an Accounts Receivable Ledger

This presentation acts as a complement to the textbook

Presentation transcript:

CHAPTER 33 Converting “T” Ledger Accounts To Continuous Balance Ledger Accounts Based on Qs 2, (Creditor) 7, (Debtor) 11 (Gains) and 12 (Expenses) in the Workbook

2 R. Delaney Guidelines For Calculating Balances in Continuous Format Ledgers Add to previous balance Subtract from previous balance Add to previous balance Subtract from previous balance Add to previous balance Subtract from previous balance Credit entries Subtract from previous balance Add to previous balance Subtract from previous balance Add to previous balance Subtract from previous balance Add to previous balance Debit entries Liability A/Cs Asset A/Cs Gains A/Cs Expense A/Cs Creditor A/Cs Debtor A/Cs

3 R. Delaney Q2 (A Creditor’s Ledger) Dr M. Malone A/C (A creditor) Cr 11,500Balance b/d1/3/12 15,000 11,500Balance c/d28/2/11 9,000PB1Purchases5/2/111,500PRB1Purchase Returns15/2/11 6,000PB1Purchases3/2/112,000PRB1Purchase Returns10/2/11 € FDetailsDate € FDetailsDate M. Malone A/C 11,5001,500PRB1Purchases Returns15/2/11 13,0002,000PRB1Purchases Returns10/2/11 15,000 9,000PB1Purchase 5/2/11 6,0006,000PB1Purchases3/2/11 €€€ BalanceCreditDebitFDetailsDate This is a credit entry therefore must be entered in credit column below This is a credit entry therefore must be entered in credit column below This is a debit entry therefore must be entered in debit column below This is a debit entry therefore must be entered in debit column below

4 R. Delaney Q7 (A Debtor’s Ledger) S. Stynes A/C (A debtor) 27,000Balance b/d1/7/11 35,000 27,000Balance c/d30/6/1115,000SB1Sales8/6/11 8,000SRB1Sales Rts5/6/1120,000SB1Sales1/6/11 € FDetailsDate € FDetailsDate S. Stynes A/C 27,000 15,000SB1Sales8/6/11 12,0008,000SRB1Sales Returns5/6/11 20,00020,000SB1Sales1/6/11 €€€ BalanceCreditDebitFDetailsDate This is a debit entry therefore must be entered in debit column below This is a credit entry therefore must be entered in credit column below This is a debit entry therefore must be entered in debit column below

5 R. Delaney Q11 (A Gain Account) Commission Received A/C (Gain) 22,500Balance b/d1/2/12 22,500 5,500CB1Bank31/1/12______ 2,000CB1Bank10/1/12 15,000Balance b/d1/1/1222,500Balance c/d31/1/12 €FDetailsDate€FDetailsDate Commission Received A/C 22,5005,500CB1Bank31/1/12 17,0002,000CB1Bank10/1/12 1/1/12 €€€ BalanceCreditDebitFDetailsDate This is the opening balance and is shown in the Balance column only Both of these are credit entries thus they will appear in the credit column below Balance b/d15,000

6 R. Delaney Q12 (An Expense Account) Light and Heat A/C (Expense) ) 12,600Balance b/d1/3/12 12,600 ______4,100CB1Bank28/2/12 3,500CB1Bank15/2/12 12,600Balance c/d28/2/125,000Balance b/d1/2/12 €FDetailsDate€FDetailsDate Light and Heat A/C 12,6004,100CB1Bank28/2/12 8,5003,500CB1Bank15/2/12 5,000Balance b/d1/2/12 €€€ BalanceCreditDebitFDetailsDate This is the opening balance and is shown in the Balance column only Both of these are debit entries thus they will appear in the debit column below