NORTHERN SECONDARY SCHOOL 1 Chapter 7 Posting. NORTHERN SECONDARY SCHOOL 2 Accounting Cycle So Far.

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Presentation transcript:

NORTHERN SECONDARY SCHOOL 1 Chapter 7 Posting

NORTHERN SECONDARY SCHOOL 2 Accounting Cycle So Far

NORTHERN SECONDARY SCHOOL 3 Traditional T Account

NORTHERN SECONDARY SCHOOL 4 Standard Ledger Account P101

NORTHERN SECONDARY SCHOOL 5 Steps In Posting 1.Turn to correct ledger page 2.Record date on next blank line 3.Record source journal, “j” for General Journal (GJ), and page number 4.Record entry amount in Dr OR Cr column 5.Calculate and enter new balance in balance column 6.Record ledger account # under “PR” in GJ

NORTHERN SECONDARY SCHOOL 6 Start With General Journal

NORTHERN SECONDARY SCHOOL 7 Complete Ledger Entry

NORTHERN SECONDARY SCHOOL 8 Complete Journal Note this journal entry changes 3 ledger accounts (recall this is called a “compound entry”)

NORTHERN SECONDARY SCHOOL 9 First Cr Entry Note method for carrying previous page balance forward

NORTHERN SECONDARY SCHOOL 10 Journal Entry 2

NORTHERN SECONDARY SCHOOL 11 Third Ledger Entry

NORTHERN SECONDARY SCHOOL 12 Final Journal Posting

NORTHERN SECONDARY SCHOOL 13 Summary See p.214 & 215

NORTHERN SECONDARY SCHOOL 14 Correcting Errors How to correct an error depends on when you find it

NORTHERN SECONDARY SCHOOL 15 Correcting Journal Entries Found Immediately

NORTHERN SECONDARY SCHOOL 16 Correcting Ledger Entries Made Immediately

NORTHERN SECONDARY SCHOOL 17 Correcting Entry Supply debit accidentally posted to Equipment. Oops!

NORTHERN SECONDARY SCHOOL 18 Record Correcting Journal Entry

NORTHERN SECONDARY SCHOOL 19 Post Correcting Entry Wrong entry counter balanced Correct Amount Remains

NORTHERN SECONDARY SCHOOL 20 Forwarding To A New Page Last entry completed First entry just carries balance

NORTHERN SECONDARY SCHOOL 21 Dealing With Errors 1.Dif = ten multiple re add T.B. and ledgers 2.Dif = trans amount re check trans. 3.Dif/2 = check for amount. 4.Dif multiple of 9 transposition.