 Posting to a General Ledger

 Using Accounts and Preparing and Maintaining a Chart of Accounts

 Journal does not show all the changes to a single account  Form used to summarize in one place-one form used for each account

 Balance-ruled account form  Ledger-A group of accounts  General Ledger-A ledger that contains all accounts needed to prepare financial statements  Account Number-The number assigned to an account

 Chart of Accounts-A list of account titles and numbers showing the location of each account in a ledger  Example: 150 Supplies o 1 General ledger division o 50 Location with general ledger division

 File Maintenance-The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current  Adding a New Account o If between should end in 5 o If at end should be 10

 Opening an Account-Writing an account title and number on the heading of an account

 Posting from a General Journal to a General Ledger and Proving Cash

 Posting-transferring information from a journal entry to a ledger account  Each debit and credit is posted  Numbers in Post Reference: o An entry in an account can be traced to its source in journal o An entry in a journal can be traced to where it was posted in an account o If posting interrupted-acts as a place holder

 Date  Page #- G is an abbreviation for the general journal  Debit or Credit  New Account Balance o If no previous balance first entry is balance o If previous balance: Debits + Debits Credits + Credits Debits-Credits Credits-Debits o Journal Post Ref-Account #

 Proving Cash-Determining that the amount of cash agrees with the balance of the cash account in the accounting records  Always prove cash at end of month

 Journalizing Correcting Entries and Correcting Posting Errors

 If an entry is corrected before posting-write a line through the entry  If an entry has been posted-correcting entry