Learning Objective 5 Record transactions in the general journal.

Slides:

Advertisements

Similar presentations

LESSON 11-1 Posting to an Accounts Payable Ledger

Advertisements

Principles of Accounting, 4th edition1 The Journal and the Ledger 4.

Posting Journal Entries to General Ledger Accounts Making Accounting Relevant Every business completes business transactions daily. Think about the various.

Chapter 6 - Journalizing. Book of original entry. Transactions recorded in chronological order. Purpose of the Journal: 1. Shows the complete effects.

Accounting Is Fun! List The Steps In The Accounting Cycle 1.Analyze source documents & record business transactions in a journal 2.Post journal entries.

Unit 5 The General Journal Journalizing the recording process!

Journalizing John V. Balanquit. Objectives Student will be able to : Discuss the concept of journalizing Summarize the journalizing process Relate the.

Chapter 4 General Journal Accounting 100 Skyline College.

Closing the Accounting Cycle

 A General Ledger identifies each account individually and includes posted transactions and balances. ◦ Posting is the process of transferring original.

Week 4.  Contains a chronological list of transactions all in one place.  Does not tell business owner what the account balances are for each account.

The book (or printout) holding all the accounts

@ 2012, Cengage Learning Analyzing Transactions LO 4b – Discovery and Correction of Errors.

Chapter 6.1 CHAPTER 6.1 THE JOURNAL. Chapter 6.1 THE GENERAL JOURNAL A book in which the accounting entries for all transactions are first recorded, before.

Posting John V. Balanquit. Objectives Student will be able to : Discuss the concept of posting Summarize the posting process Relate the posting process.

Recording and Adjusting Closing Entries. 2LESSON 8-1 ADJUSTING ENTRY FOR SUPPLIES 1 2 page Write the title of the account credited. Record the.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-2 Posting from a General Journal to a General Ledger.

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO5Post amounts from a general journal.

Week 3.  Business document from which information for journal entry is obtained.  Transaction generates source document.  Each transaction must have.

Chapter 7.1 Posting Accounting data in this journal entry has not yet been transferred to the ledger Journal.

CDA COLLEGE ACC101: BOOK KEEPING II Lecture 3 Lecture 3 Lecturer: Kleanthis Zisimos.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-1 Recording Adjusting Entries.

Learning Objectives LO7 Post merchandise purchases to an accounts payable ledger and a general ledger.

POSTING JOURNAL ENTRIES TO GENERAL LEDGER ACCOUNTS Chapter 7.

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO5Post amounts from the General Debit.

Recording. Basic Concepts Recording is the process of recognizing transactions in a chronological order Recording is also known as journalizing The process.

The General Journal BAF3M. General Journal Records all parts of a transaction in one place The date, the debit, the credit, and an explanation for each.

Posting Separate Amounts from a Journal to a General Ledger POSTING TRANSFERRING INFORMATION FROM A JOURNAL ENTRY TO A LEDGER ACCOUNT POSTING.

LESSON 11-2 Posting to an Accounts Receivable Ledger.

 A good accounting system must be able to handle transactions in order, even if they are happening at a rapid pace. The chronological journal is a centuries-old.

BUSINESS HIGH SCHOOL-ACCOUNTING I

LESSON 8-1 Recording Adjusting Entries

ACCOUNTS RECEIVABLE LEDGER AND GENERAL LEDGER CONTROLLING ACCOUNT

Lesson 4-2 Posting Separate Amounts from a Journal to a General Ledger

Chapter 6 The Journal and Source Documents

The Journal and Source Documents

The Journal Unit 6.

THE RECORDING PROCESS -POSTING

LESSON 4-2 Posting from a General Journal to a General Ledger

The Journal and the Ledger

Chapter 7 Posting 7 Chapter 7 – Posting | Accounting 1, 7th Edition.

Accounting Chapter 3 Vocabulary.

LESSON 8-1 Recording Adjusting Entries

Business Accounting Chapter 7.

The Accounting Cycle The General Journal.

ALLOWANCE METHOD OF RECORDING LOSSES FROM UNCOLLECTIBLE ACCOUNTS

LO7 Analyze incorrect journal entries and prepare correcting entries.

LO5 Post amounts from a general journal.

$ $ $ $ Section 2 The Posting Process What You’ll Learn Chapter 7

Posting to an Accounts Receivable Ledger

Lesson 4-3 Posting Column Totals from a Journal to a General Ledger

Lesson 4-3 Posting Column Totals from a Journal to a General Ledger

Lesson 4-2 Posting Separate Amounts from a Journal to a General Ledger

ACCOUNTS PAYABLE LEDGER AND GENERAL LEDGER CONTROLLING ACCOUNT

LESSON 4-2 Posting from a General Journal to a General Ledger

LESSON 10-2 Posting from a Sales Journal

Lesson 4-3 Posting Column Totals from a Journal to a General Ledger

LESSON 11-3 Posting from Journals to a General Ledger

$ $ $ $ Section 2 The Posting Process What You’ll Learn Chapter 7

Lesson 4-2 Posting Separate Amounts from a Journal to a General Ledger

LESSON 11-3 Posting from Journals to a General Ledger

ACCOUNTING RECORDS JOURNAL.

LESSON 11-3 Posting from Journals to a General Ledger

Posting to an Accounts Receivable Ledger

ACCOUNTING RECORDS JOURNAL.

Chapter 6 The Journal and Source Documents

Posting to an Accounts Receivable Ledger

STARTING A NEW PAGE FOR AN ACCOUNT IN A GENERAL LEDGER

Posting to an Accounts Receivable Ledger

ACCOUNTS RECEIVABLE LEDGER AND GENERAL LEDGER CONTROLLING ACCOUNT

Presentation transcript:

Learning Objective 5 Record transactions in the general journal.

The General Journal When a transaction occurs, they are recorded initially and chronologically in a book called the GENERAL JOURNAL. The General Journal (GJ) is the simplest and most flexible type of journal Each transaction is journalized (recorded) in the general journal.

Journalizing Write out the journal entry in good form: Date Account to Debit $amt Account to Credit $amt Explanation of entry Each journal entry contains: a) the date b) the account names c) the dollar amounts debited and credited d) an explanation e) the account numbers (after posted)

Other Details A space should be skipped between journal entries. A compound entry is an entry with more than one debit or credit. The journal entry is posted to the General Ledger that we have already learned about.

Now, we have TWO Books! The General Ledger (Book of Accounts) The General Journal (Book of Original Entry)

Summary Slide The General Journal is used to maintain a record of business transactions in order. It allows us to show which accounts were affected. We post to the General Ledger from the General Journal. Note: Sometimes we use T accounts to show the journal entry and posting to the ledger without formally recording in the books!