Accounting Bellwork 3 rd Hour: What is the purpose of the General Ledger?

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Presentation transcript:

Accounting Bellwork 3 rd Hour: What is the purpose of the General Ledger?

Section 2The Posting Process What You’ll Learn  The purpose and importance of posting.  How often a business posts transactions.  The six steps in the posting process.  How to compute an account balance.  How to show an account with a zero balance. What You’ll Learn  The purpose and importance of posting.  How often a business posts transactions.  The six steps in the posting process.  How to compute an account balance.  How to show an account with a zero balance.

Why It’s Important Posting brings the records of the business up-to-date. If a business did not post its transactions, the balances in ledger accounts would not be current. Why It’s Important Posting brings the records of the business up-to-date. If a business did not post its transactions, the balances in ledger accounts would not be current. Section 2The Posting Process (con’t.) Key Terms  posting Key Terms  posting

The Fourth Step in the Accounting Cycle: Posting To provide a clear picture of how each account is affected by a business transaction, the information in a journal entry is posted to the general ledger accounts. The Fourth Step in the Accounting Cycle: Posting To provide a clear picture of how each account is affected by a business transaction, the information in a journal entry is posted to the general ledger accounts. Section 2The Posting Process (con’t.) General Journal Utilities Repairs Revenue Salaries

Posting from the General Journal to Ledger Accounts Section 2The Posting Process (con’t.)

Posting from the General Journal to Ledger Accounts Section 2The Posting Process (con’t.) Never write an account number in the posting reference column of the general journal until after you have posted!!!! Accounts are located in the general ledger in order of their account numbers.

Computing a New Account Balance Section 2The Posting Process (con’t.)  Debit amounts are added together.  Credit amounts are added together.  Debit and credit amounts are subtracted.  Debit amounts are added together.  Credit amounts are added together.  Debit and credit amounts are subtracted.

Demonstration Problems 7-2 & 7-3

G

G

G

G G

G G

G G

Problem 7-3

G

1 _____ G

10 _____ G

G G

Check Your Understanding ALL of p.164 Section 2The Posting Process (con’t.)