1. “POSTING” TO THE GENERAL LEDGER
The Accounting Cycle
“POSTING” TO THE GENERAL LEDGER

2. Take up homework
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4. How do we come up with our financial statements?
We still need to collect the entries just like we had using our T – accounts
Journalizing: Completing journal entries
Posting: Transferring numbers from the journal to the general ledger

5. Posting Accounting data in this journal entry has not yet been transferred to the ledger.
Chapter 7 – Posting l Accounting 1, 7th Edition

6. Posting Turn to the proper accounts in the ledger: Office Furniture
Many of the same headings appear in the General Ledger
Notice the balance is also calculated after each “Post”
Chapter 7 – Posting l Accounting 1, 7th Edition

7. Posting Turn to the proper accounts in the ledger: Office Furniture, Bank,
Chapter 7 – Posting l Accounting 1, 7th Edition

8. Posting Turn to the proper accounts in the ledger: Office Furniture, Bank, and Accounts Payable—Office Supply Company.
Have a look at the No. in the top right corner, where have you seen this before?
Chart of Accounts
Chapter 7 – Posting l Accounting 1, 7th Edition

9. T-account vs. Balance Column Account

10. Posting Step 1: Record the date.
Chapter 7 – Posting l Accounting 1, 7th Edition

11. Posting Step 2: Record the page number where the transaction was journalized.
This “P . R” column is the “Posting Reference”
Be careful this is not the date, it is simply reference to the Journal Page Number
Chapter 7 – Posting l Accounting 1, 7th Edition

12. Posting Step 3: Record the amount
Posting Step 3: Record the amount. Be sure to post debits in the debit column and credits in the credit column.
Chapter 7 – Posting l Accounting 1, 7th Edition

13. Posting Step 4: Calculate the new account balance and identify it as either A debit (Dr) or credit (Cr).
What could this “Forwarded” mean under the Particulars Heading?
The balance is simply transferred from an earlier General Ledger page
Chapter 7 – Posting l Accounting 1, 7th Edition

14. Posting Step 5: Enter the new balance.
Chapter 7 – Posting l Accounting 1, 7th Edition

15. Posting Step 6: Record the account number in the journal’s P.R. column. This is your proof of posting and must always be the final step.
Chapter 7 – Posting l Accounting 1, 7th Edition

16. Posting Next entry. Step 1: Record the date.
Chapter 7 – Posting l Accounting 1, 7th Edition

17. Posting Step 2: Record the page number where the transaction was journalized.
Chapter 7 – Posting l Accounting 1, 7th Edition

18. Posting Step 3: Record the amount
Posting Step 3: Record the amount. Be sure to post debits in the debit column and credits in the credit column.
Chapter 7 – Posting l Accounting 1, 7th Edition

19. Posting Step 4: Calculate the new account balance and identify it as either debit (Dr) or credit (Cr).
Chapter 7 – Posting l Accounting 1, 7th Edition

20. Posting Step 5: Enter the new balance.
Chapter 7 – Posting l Accounting 1, 7th Edition

21. Posting Step 6: Record the account number in the journal’s P.R. column. This is your proof of posting and must always be the final step.
Chapter 7 – Posting l Accounting 1, 7th Edition

22. Posting Next entry. Step 1: Record the date.
Chapter 7 – Posting l Accounting 1, 7th Edition

23. Posting Step 2: Record the page number where the transaction was journalized.
Chapter 7 – Posting l Accounting 1, 7th Edition

24. Posting Step 3: Record the amount
Posting Step 3: Record the amount. Be sure to post debits in the debit column and credits in the credit column.
Chapter 7 – Posting l Accounting 1, 7th Edition

25. Posting Step 4: Calculate the new account balance and identify it as either debit (Dr) or credit (Cr).
Chapter 7 – Posting l Accounting 1, 7th Edition

26. Posting Step 5: Enter the new balance.
Chapter 7 – Posting l Accounting 1, 7th Edition

27. Posting Step 6: Record the account number in the journal’s P.R. column. This is your proof of posting and must always be the final step.
Chapter 7 – Posting l Accounting 1, 7th Edition

28. Special situations First entry in a Ledger Account: Particulars
Opening Amount
Forwarded

29. Homework
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