Mr. Belolan

Objectives Describe the steps followed in the posting process Accurately post business transactions from a general journal to accounts in the ledger Prepare a trial balance Record correcting entries in general journal

What is the purpose of posting from the Journal to the General Ledger?  To put data from the Journal into Ledger format for ease and organization.

Definition: The process of transferring information from a journal entry to an individual account

Prepared after all posting is finished Proves equality of debits and credits (basic accounting equation)

Pages or cards kept together in a book or file Records effects on each account separately  Question: What are some of our accounts and why would we want a separate record?

For every transaction, we will have 2 postings One debit and one credit Temporary accounts start with a zero balance, permanent accounts will keep a running tally We keep a running total of each account’s balance

Create a Trial Balance Proves equality of debits and credits (basic accounting equation) Proving the Ledger

1.What is the purpose of posting from the Journal to the General Ledger? 2.Which two temporary accounts decrease Owner’s Equity? 3. Which temporary account increase Owner’s Equity?

Class Activity: Complete “Work Together” 5-2, 5-3 on WB page 75, 77 & 78.