Accounting, Wednesday, April 11 LESSON 2-1 4/26/2017 Accounting, Wednesday, April 11 Welcome Back!! Today we start Chapter 11 Let’s begin by Defining the five terms for Lesson 11-1, pages 298 – 305 Only 19 B days left!
TERMS REVIEW subsidiary ledger accounts payable ledger page 306 subsidiary ledger accounts payable ledger accounts receivable ledger controlling account schedule of accounts payable LESSON 11-1
LESSON 11-1 Posting to an Accounts Payable Ledger 4/26/2017 LESSON 11-1 Posting to an Accounts Payable Ledger
ACCOUNTS PAYABLE LEDGER AND GENERAL LEDGER CONTROLLING ACCOUNT page 299 LESSON 11-1
ACCOUNTS PAYABLE LEDGER FORMS page 300 1 2 3 4 5 6 1. 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. LESSON 11-1
LESSON 11-1
POSTING FROM A PURCHASES JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page 301 2 1 3 5 4 1. Write the date. 2. Write the journal page number. 4. Write the new account balance. 3. Write the credit amount. 5. Write the vendor number. LESSON 11-1
LESSON 11-1
POSTING FROM A CASH PAYMENTS JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page 302 2 1 5 3 1. Write the date. 2. Write the journal page number. 3. Write the debit amount. 4 4. Subtract the amount in the Debit column from the previous balance in the Credit column. Write the new balance. 5. Write the vendor number. LESSON 11-1
LESSON 11-1
POSTING A CREDIT ENTRY FROM A GENERAL JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page 303 2 1 5 3 4 1. Write the date. 4. Add the amount in the Credit column to the previous balance in the Credit Balance column. Write the new balance. 2. Write the general journal page number. 3. Write the amount. 5. Write the vendor number. LESSON 11-1
LESSON 11-1
POSTING A DEBIT ENTRY FROM A GENERAL JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page 303 2 1 3 5 4 1. Write the date. 4. Add the amount in the Debit column to the previous balance in the Debit Balance column. Write the new balance. 2. Write the general journal page number. 3. Write the amount. 5. Write the vendor number. LESSON 11-1
LESSON 11-1
COMPLETED ACCOUNTS PAYABLE LEDGER LESSON 11-1 4/26/2017 COMPLETED ACCOUNTS PAYABLE LEDGER page 304 All of the vendor accounts make up the complete accounts payable ledger. After the accounts payable ledger has been posted, the credit balance in each vendor account represents the amount the business owes each vendor. LESSON 11-1
PROVING THE ACCOUNTS PAYABLE LEDGER LESSON 11-1 4/26/2017 PROVING THE ACCOUNTS PAYABLE LEDGER page 305 At the end of the month, the business prepares a schedule of accounts payable. Which is a listing of each vendor and the vendor’s balance in the accounts payable ledger. After all postings are complete, the total amounts payable shown on the schedule of accounts payable should be the same as the controlling account, accounts payable. If they are the same then the accounts payable amount is proved. Three line heading LESSON 11-1
LESSON 11-1
LESSON 11-1
Own Your Own 11-1 on Aplia practice / completion grade, pg. 306 ASSIGNMENT Own Your Own 11-1 on Aplia practice / completion grade, pg. 306 Application 11-1: Grade It Now, page 331 IMPORTANT HINTS: If the balance is zero, only the vendor name & number is entered Start with each General Ledger Account and enter transactions in CHRONOLOGICAL ORDER LESSON 5-1