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The General Ledger 4 Post to the ledger 4 Post to the ledger

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Presentation on theme: "The General Ledger 4 Post to the ledger 4 Post to the ledger"— Presentation transcript:

1 The General Ledger 4 Post to the ledger 4 Post to the ledger The 4th step of the accounting cycle is to post to the ledger. The General Ledger is a book containing a separate page for each business account. The General Ledger serves as a permanent record of financial transactions for the business. Posting to the ledger is the process of transferring information from the General Journal to the individual General Ledger accounts. This is pretty easy. All I really have to do is copy the information that I already have in my general journal. 1

2 The Ledger Account Form
Let’s take a look at a sample General Ledger. To open a account with a zero balance 1) Write the name of the account on the top of the ledger form. 2) Write the account number on the ledger form. Cash in Bank 101 2014 OCT Balance a 25,000 To open a account with a balance 6) Enter the balance in the appropriate column . 3) Enter the date in the date column. 4) Write the word “Balance” in the description column. 5) Place a check mark in the post reference column to show that the amount is not being posted from the General Journal. 2

3 Opening Ledger Accounts
Account Name Account # Balance Account Name Account # Balance Accts Pay – Jones B. Good, Capital Sales Revenue 201 301 401 980 27,260 Cash in Bank Accts Rec – Smith 101 105 9,285 1,235 Cash in Bank 101 2014 OCT Balance a 9,285 Accounts Receivable - Smith 105 2014 OCT Balance a 1,235 Accounts Payable - Jones 201 2014 OCT Balance a 980 B. Good, Capital 301 2014 OCT Balance a 27,260 Sales Revenue 401

4 Posting to the General Ledger
101 301 125 101 2014 OCT G1 30,000 30,000 3 G1 6,740 23,260 2014 OCT G1 30,000 30,000 2014 OCT G1 6,740 6,740

5 Homework Textbook Page: 156 & 164 Workbook Page: 106 & 107
Problem 7-1, Problem 7-2

6 Posting – Transaction 1 2014 OCT 1 G1 25,000 25,000 2014 OCT 1 G1
101 301 2014 OCT G1 25,000 25,000 2014 OCT G1 25,000 25,000 6

7 Posting – Transaction 2 2014 OCT 2 G1 400 400 2 G1 400 25,400 120 301
7

8 Posting – Transaction 3 2014 OCT 4 G1 3,000 3,000 2 G1 3,000 22,000
115 101 2014 OCT G1 3,000 3,000 2 G1 3,000 22,000 8

9 Posting – Transaction 4 2014 OCT 9 G1 12,000 12,000 2014 OCT 9 G1
125 205 2014 OCT G1 12,000 12,000 2014 OCT G1 12,000 12,000 9

10 Posting – Transaction 5 2014 OCT 11 G1 200 200 11 G1 200 200 110 120

11 Posting – Transaction 6 205 101 12 G1 350 11,650 12 G1 350 21,650 11

12 Posting – Transaction 7 101 110 14 G1 200 21,850 14 G1 200 ------ 12

13 Posting – Transaction 8 15 G1 1,200 23,050 2014 OCT 15 G1 1,200 1,200
101 401 15 G1 1,200 23,050 2014 OCT 15 G1 1,200 1,200 13

14 Posting – Transaction 9 2014 OCT 15 G1 700 700 16 G1 700 22,350 510
101 2014 OCT 15 G1 700 700 16 G1 700 22,350 14

15 Posting – Transaction 10 2014 OCT 18 G1 75 75 2014 OCT 18 G1 75 75 501
15

16 Posting – Transaction 11 2014 OCT 20 G1 1,450 1,450 20 G1 1,450 2,650
105 401 2014 OCT 20 G1 1,450 1,450 20 G1 1,450 2,650 16

17 Posting – Transaction 12 2014 OCT 28 G2 125 125 28 G2 125 22,225 515
101 2014 OCT 28 G2 125 125 28 G2 125 22,225 17

18 Posting – Transaction 13 2014 OCT 29 G2 600 600 29 G2 600 21,625 505
101 2014 OCT 29 G2 600 600 29 G2 600 21,625 18

19 Posting – Transaction 14 2014 OCT 31 G2 500 500 31 G2 500 21,125 302
101 2014 OCT 31 G2 500 500 31 G2 500 21,125 19

20 General Ledger Summary 1
20

21 General Ledger Summary 2
21

22 General Ledger Summary 3
22

23 General Ledger Summary 4
23

24 General Ledger Summary 5
24

25 General Ledger Summary 6
This takes a long time, but it’s pretty easy. 25

26 Homework Textbook Page: 175 Workbook Page: Problem 7-5

27 Problem 7 - 1 That was easy Cash in Bank 101 a Accts Rec – Mark Cohen
2014 JAN 1 Balance a 10000 Accts Rec – Mark Cohen 104 2014 JAN 1 Balance a 2000 Accts Pay – Jenco Industries 203 2014 JAN 1 Balance a 10000 Tom Torrie - Capital 301 That was easy 2014 JAN 1 Balance a 35000 Admissions Revenue 401

28 Problem 7 - 2 That was easy G1 10000 10000 G1 10000 10000 2014 May 1

29 Classwork Textbook Page: 175 - 176 Workbook Page: 123 Problem 7-7
General Journal Only

30 30

31 Classwork Textbook Page: 175 Workbook Page: Problem 7-6

32 Homework Textbook Page: Workbook Page: Problem 7-7

33 Homework Workbook Page: Problem 7-8

34 Correcting Entries The method for correcting an error depends on when and where the error is found. There are three types of errors. Error in a Journal entry that has not been posted to the ledger Error in posting to the Ledger when the Journal is correct Error in a Journal entry that has been posted to the Ledger Draw a single line through the incorrect item and write the correction directly above it Draw a single line through the incorrect item and write the correction directly above it A correcting entry must be made in the Journal and then posted to the Ledger Let’s make no mistake about it, we should probably take a look at an example of each type of error. 34

35 Error in a Journal entry that has not been posted to the Ledger
You discover that the check for the rent was actually for $700. Draw a single line through the incorrect item and write the correction directly above it. 700 700

36 Error in posting to the Ledger when the Journal entry is correct
You discover that the entry on Oct 12th in the Journal was actually $3,150. Draw a single line through the incorrect item and write the correction directly above it. Don’t forget to also correct the balance. 3,150 8,850

37 Error in a Journal entry that has been posted
On Nov 23rd you write memo #68 indicating that a $200 check to pay the electricity bill on Nov 15th was incorrectly journalized and posted to the Maintenance Expense account instead of the Utilities Expense account. A correcting entry must be made in the journal and posted to the Ledger. 515 505 23 Correcting Entry G5 200 345 23 Correcting Entry G5 200 670

38 Homework Textbook Page: 177 Workbook Page: Problem 7-9

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