The Journal and the Ledger

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Presentation transcript:

The Journal and the Ledger 4 Principles of Accounting, 4th edition

PowerPoint 29 Chapter 4, Unit 6 The Journal: Where Transactions Are First Recorded (page 1) 2 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 29 Chapter 4, Unit 6 The Journal: Where Transactions Are First Recorded (page 2) Transactions are first recorded chronologically in the journal. The journal contains a complete record of each transaction: date, account debited and amount, account credited and amount, and explanation. Journals may be completed manually in the form of a book. Journals may be completed using a computer and take the form of a computer file. 3 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 30 Chapter 4, Unit 7 Posting to the Ledger (page 1) 4 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 30 Chapter 4, Unit 7 Posting to the Ledger (page 2) The ledger is a group of accounts. Each account contains a complete, up-to-date record of all transactions affecting only that particular account. The ledger may be a manually prepared paper record or a set of files in a computer system. Posting is the process of transferring information to the ledger from the journal. 5 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 31 Chapter 4, Unit 7 Balance-Column Form of Ledger Account (page 1) Cash Nov. Bal. 1 3 5 2000 75 100 2175 1825 6 150 200 350 6 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 31 Chapter 4, Unit 7 Balance-Column Form of Ledger Account (page 2) The balance-column form of account provides a balance after each transaction. The DR/CR column indicates whether the balance is a debit or a credit. There is less chance of error in the balance-column form of account than in a T-account. 7 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 32 Chapter 4, Unit 7 Determining Account Balances (page 1) Cash Oct. 1 4 5 2500 200 1150 2 7 1100 550 8 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 32 Chapter 4, Unit 7 Determining Account Balances (page 2) 9 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 33 Chapter 4, Unit 7 Introducing the Accounting Cycle 10 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 34 Chapter 4, Unit 8 Source Documents and the Principle of Objectivity 11 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 35 Chapter 4, Unit 8 Main Menu Sage Simply Accounting Software Used with permission of Sage Software, Inc. © 2012 Sage Software, Inc. All rights reserved. 12 Principles of Accounting, 4th edition Principles of Accounting, 4th edition

PowerPoint 36 Chapter 4, Unit 8 General Journal Entry Form Sage Simply Accounting Software Used with permission of Sage Software, Inc. © 2012 Sage Software, Inc. All rights reserved. 13 Principles of Accounting, 4th edition Principles of Accounting, 4th edition