Ch. 3Balancing the Accounts 3 Cases of Balancing the Accounts 3 Cases of Balancing the Accounts 3 Cases of Balancing the Accounts 3 Cases of Balancing.

Slides:

Advertisements

Similar presentations

Accounting for Depreciation – THE STEPS STEP 6 – Balance the Accumulated Depreciation Account The closing balance should be on the debit side STEP 5 –

Advertisements

Ledger  The book which contains accounts is known as the Ledger.  Transactions relating to a particular account for a given period are brought together.

Chapter 3 Double entry, balancing off and extracting the trial balance.

Double-entry accounting. Introduction Every financial accounting transaction must be recorded twice in the accounts of a business: it must have one debit.

LEVEL 2 AAT Balancing a ledger account. Step 1: Total both the debit and the credit side of the ledger account and make a ‘sun total’ note of each total.

Financial Accounting 1 Lecture – 26 Recap With the increase in business, it becomes difficult to maintain separate accounts for every Debtor and every.

Why Record Transactions? To have a systematic recording of transaction  analyze  report to users Items that goes to Balance Sheet (Asset, Liability &

Double Entry System 3 DR CR.

Accounting Entry Flow LAI Siu Tim Timmy Timothy In-service Course of Teacher Training (Technical)

Double entry records for depreciation

TOPIC : THE CASH BOOK THE CASH BOOK IS A BOOK OF ORIGINAL ENTRY IN WHICH CASH RECEIPT AND PAYMENT ARE RECORDED. THE RIGHT HAND OF THE CASH BOOK IS THE.

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO6Post column totals from a journal to.

Accounting For Cash Cash includes Currency, coins, money orders on hand Checking and money market accounts Undeposited checks on hand Cash equivalents.

Introduction to Double Entry Accounting (複式簿記)

Non-trading Organizations

Date ParticularsDiscCashBank Date ParticularsDiscCashBank Date ParticularsCashBank Date ParticularsCashBank Date ParticularsCash Date ParticularsCash.

Books of Original Entry

© Hodder Education 2008 Errors. © Hodder Education 2008 Introduction Two types of error can be made by the book-keeper: 1.Errors which do not affect the.

Assume the Position. ACT 1100 Introduction to Accounting Lecturer: Troy J. Wishart Summer Course.

2D GOING SOLO CASH BUDGETS. Cash BudgetUnit 2D A cash budget allows us to monitor cash flow It shows future planned receipts and payments of cash Here.

1.The need for book-keeping 2. The accounting equation 3. The double entry system for assets, liabilities and capital 4. The asset of stock 5. The double.

Correction of Errors 1Purpose of a Trial Balance A trial balance is prepared to test the __________ of the book keeping. As every transaction recorded.

DEPRECIATION BY: MR. ISAAC. Question #1: Victoria bought a car for $50,000 on January 01 st The depreciation rate for the year was 5%. What is the.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-3 Posting Column Totals from a Journal to a General Ledger.

B13: I can find the new balance on a credit card statement.

Depreciation of Non Current Assets

Finance Basics Illustration : Journalize the following transactions in the books of Shri K.K. Luhra, post them into ledger and prepare a trial balance.

Main Menu. Login & Company Selection Main Screen Masters Transaction Reports Fas Reports Utilities.

Accruals & Prepayments. Example The rent for the office is £6,000 per annum The business pays £5,000 in the year and therefore owes £1,000 for rent. (Accrued.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-3 Posting Column Totals from a Journal to a General Ledger.

LESSON 11-2 Posting to an Accounts Receivable Ledger.

3 Acctg in Action Examining the accounting system with personal & nominal ledger accounts.

Ch 1 & 2 Test Review Fishbone is a merchandising business that sells snowboards and skateboards Journalize the following transactions.

Non-trading Organization. Receipts and Payments Account Same as cash book Debit side – Receipts Credit side - Payments.

Why trial balance is balanced?. Two Type of question Deal with only transaction Deal balances and transaction.

Double-entry accounting

FAC1502 Inventory Inventory have the potential to contribute to the flow of cash to the entity.

The Journal and Source Documents

Balancing Ledger Accounts

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

Lecture 1 Debtors OR Trade Debtors – are the receivables by the organization against the sale of goods. Receivables / Other Receivables – are all receivables.

Because, My Belief Determines my Destination

Chapter 12 Control Systems: Control Accounts

The trial balance PART 1.

The Journal and Source Documents

TRANSFERRING GENERAL LEDGER ACCOUNT BALANCES TO A WORK SHEET

Journal and Ledger DR CR.

LESSON 20-1 Journalizing Manufacturing Accounting Transactions

JOURNALIZING WRITING OFF AN UNCOLLECTIBLE ACCOUNT RECEIVABLE

CHECK MARKS SHOW THAT AMOUNTS ARE NOT POSTED

Information Management & Financial Analysis for HR Managers

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

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

Double-entry accounting

Chapter 11 Recording Transactions Using a General Journal

Bank Reconciliation Statement

LEDGERS Made by : Steven JT.

CHAPTER 37 Debtors and Creditors Control Accounts

CHAPTER 5 HOUSEHOLD ACCOUNTS: THE ANALYSED CASH BOOK 21/05/2019

Posting to an Accounts Receivable Ledger

Posting to an Accounts Receivable Ledger

Single Entry Introduction

Posting to an Accounts Receivable Ledger

Account Balances Checking CD Paypal 01/01/10 $6, $27,885.78

Presentation transcript:

Ch. 3Balancing the Accounts 3 Cases of Balancing the Accounts 3 Cases of Balancing the Accounts 3 Cases of Balancing the Accounts 3 Cases of Balancing the Accounts

Case 1 Debit Total = Credit Total 3 Cases of Balancing the Accounts Morris 2003 $ Jan 1 Sales 3, $ Jan 13 Cash 3,000 10,000 10, Sales 7, Sales 7, Cash 7, Cash 7,000

Case 2 Debit Balance Antonia 2003 $ Nov 5 Sales 4, $ Nov 16 Cash 3,500 7,620 7, Bal c/d Dec 1 Bal b/d 4, Sales 3, Sales 3,120 4,120 4,120

Case 3 Credit Balance Celia 2003 $ Oct 4 Returns 623 outwards outwards 2003 $ Oct 1 Purchases 13,500 26,000 26, Bal c/d Nov 1 Bal b/d 24,377 8 Bank 1,000 8 Bank 1,000 6 Purchases 12,500 6 Purchases 12,500 24,377