 I will be responsible for knowing and understanding the following concepts:  Define Accounting Terms: Related to posting to ledgers  Identify Accounting Concepts and Practices: related to posting to ledgers  Post Separate Items From: Purchases, Cash Payments, and general journal's to an accounts payable ledger  Post Separate Items From: Sales, Cash Receipts, and General Journals to an accounts receivable ledger  I will be able to listen to my instructor and take notes, be an active participant as needed.  I will complete the appropriate Workbook Assignments

 Does a corporation have more or less accounts than a sole proprietorship?  Is it effective for a corporation to use ONE General Ledger for all their accounts?

 Subsidiary Ledger: A ledger that is summarized in a single general ledger account  Accounts Payable Ledger: A subsidiary ledger containing only accounts for vendors from whom merchandise or other items are purchased on account  Controlling Account: An account in a general ledger that summarizes all accounts in a subsidiary ledger.

 Schedule of Accounts Payable: A listing of vendor accounts, account balances, and total amount due all vendors

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.

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

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

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.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

 subsidiary ledger  accounts payable ledger  accounts receivable ledger  controlling account  schedule of accounts payable LESSON page 306

When we post transactions that have to do with cash we RECEIVE, which subsidiary ledger do you think we will post to?

1 Customer name2 Customer number

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.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

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

TBWB WT 11-1Pg. 306Pgs WT 11-2Pg. 314Pgs OYO 11-1Pg. 306Pgs OYO 11-2Pg. 314Pgs LESSON page 314

 I will be responsible for knowing and understanding the following concepts:  Define Accounting Terms: Related to posting to ledgers  Identify Accounting Concepts and Practices: related to posting to ledgers  Post Separate Items From: Cash Payments Journal and General Journal to general ledgers.  Post Separate Items From: Special Journal Column Totals to general ledgers.  Correct Errors in Subsidiary Ledger Accounts  I will be able to listen to my instructor and take notes, be an active participant as needed.  I will complete the appropriate Workbook Assignments

Posting from Journals to a General Ledger

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.

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

5.Write the general ledger account number Write the date. 2.Write the general journal page number. 3.Write the amount. 4.Calculate and write the new account balance.

5.Write the general ledger account number Write the date. 2.Write the general journal page number. 3.Write the amount. 4.Calculate and write the new account balance.

Posting Special Journal Totals to a General Ledger

5.In the sales journal, write the general ledger account number 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.

1.Write the date 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

Date 2.Journal page number 3.Column total 4.Account balance 5.Account number

1.Date 2.Journal page number 3.Column total 4.Account balance 5.Account number

Correcting Errors in Subsidiary Ledger Accounts

December 10. Discovered that a sale on account to Cumberland Center on December 3 was incorrectly charged to the account of Country Crafters, $ Memorandum No 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.

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.

TBWB WT 11-3Pg. 319Pgs WT 11-4Pg. 326Pgs OYO 11-3Pg. 319Pgs OYO 11-4Pg. 326Pgs LESSON page 314

Correcting Errors in Subsidiary Ledger Accounts

December 10. Discovered that a sale on account to Cumberland Center on December 3 was incorrectly charged to the account of Country Crafters, $ Memorandum No 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.

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.