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Posting to an Accounts Payable Ledger Welcome back!!!!!!

Objectives  Identify and Define accounting terms related to posting to ledgers  Post separate items from a purchases, cash payments and general journal to an accounts payable ledger.

So…what is a subsidiary ledger???  A business needs to know the amount owed each vendor as well as the amount to be collected from each charge customer.  Therefore, a separate account is needed for each vendor and customer.

What to know…  An account number is assigned to each vendor account to increase the ease of filling and locating the accounts.  The total of all vendor account balances in the accounts payable ledger should always equal the balance of the controlling account, Accounts Payable.

REMEMBER…  The total amount owed to ALL vendors is summarized in a single general ledger account….ACCOUNTS PAYABLE.

7LESSON 11-1 ACCOUNTS PAYABLE LEDGER AND GENERAL LEDGER CONTROLLING ACCOUNT page 299

8LESSON 11-1 ACCOUNTS PAYABLE LEDGER FORMS page 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.

9LESSON 11-1 POSTING FROM A PURCHASES JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page 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

10LESSON 11-1 POSTING FROM A CASH PAYMENTS JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page 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

11LESSON 11-1 POSTING A CREDIT ENTRY FROM A GENERAL JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page 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

12LESSON 11-1 POSTING A DEBIT ENTRY FROM A GENERAL JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page 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

13LESSON 11-1 COMPLETED ACCOUNTS PAYABLE LEDGER page 304

14LESSON 11-1 PROVING THE ACCOUNTS PAYABLE LEDGER page 305 schedule of accounts payable

To do list  Aplia 11.1  Work together & On Your Own + Application

16LESSON 11-1 TERMS REVIEW  subsidiary ledger  accounts payable ledger  accounts receivable ledger  schedule of accounts payable page 306

Posting to an Accounts Receivable Ledger

Objective 11-2  Post separate items from a sales, cash receipts, and general journal to an accounts receivable ledger.

Last time…  The total of all customer account balances in the accounts payable ledger equals the balance of the controlling account, Accounts payable….  TODAY…..

20LESSON 11-2 ACCOUNTS RECEIVABLE LEDGER AND GENERAL LEDGER CONTROLLING ACCOUNT page 307

Schedule of Accounts Receivable. a listing of customer accounts, account balances, and total amount due from all customers. (p. 313)

22LESSON 11-2 ACCOUNTS RECEIVABLE LEDGER FORMS page Customer name2 Customer number This ledger form is designed to accommodate accounts with DEBIT balances Notice that the form has only one balance column-DEBIT, because all customer accounts have a NORMAL debit balance.

FYI…  When an account that is no longer used is removed from the accounts receivable ledger, that customer number is available for assignment to a new customer.

24LESSON 11-2 POSTING FROM A SALES JOURNAL TO AN ACCOUNTS RECEIVABLE LEDGER page 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

25LESSON 11-2 POSTING FROM A CASH RECEIPTS JOURNAL TO AN ACCOUNTS RECEIVABLE LEDGER page 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

26LESSON Write the date. POSTING A CREDIT ENTRY FROM A GENERAL JOURNAL TO AN ACCOUNTS RECEIVABLE LEDGER page 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

27LESSON 11-2 COMPLETED ACCOUNTS RECEIVABLE LEDGER page 312

28LESSON 11-2 PROVING THE ACCOUNTS RECEIVABLE LEDGER page 313

29LESSON 11-2 TERM REVIEW  schedule of accounts receivable  a listing of customer accounts, account balances, and total amount due from all customers. (p. 313) page 314

To do List  Aplia 11.2  Work together & On your own  Application Problem  Explore Accounting (Page 330)  Exit Ticket

Exit Ticket  Summarize the procedure for preparing a schedule of accounts receivable.

Posting from Journals to a General Ledger

Objective Post separate items from a cash payments journal and a general journal to a general ledger.

In this lesson…  We will post from a general journal to general ledger accounts.  We will also post from a cash payments journal

35LESSON 11-3 STARTING A NEW PAGE FOR AN ACCOUNT IN A GENERAL LEDGER page 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.

36LESSON 11-3 POSTING FROM THE GENERAL AMOUNT COLUMNS OF A CASH PAYMENTS JOURNAL TO A GENERAL LEDGER page 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

37LESSON Write the general ledger account number. POSTING A DEBIT ENTRY FROM A GENERAL JOURNAL TO A GENERAL LEDGER page Write the date. 2.Write the general journal page number. 3.Write the amount. 4.Calculate and write the new account balance.

38LESSON Write the general ledger account number. POSTING A CREDIT ENTRY FROM A GENERAL JOURNAL TO A GENERAL LEDGER page Write the date. 2.Write the general journal page number. 3.Write the amount. 4.Calculate and write the new account balance.