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Principles of Accounting, 4th edition1 The Journal and the Ledger 4.

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Presentation on theme: "Principles of Accounting, 4th edition1 The Journal and the Ledger 4."— Presentation transcript:

1 Principles of Accounting, 4th edition1 The Journal and the Ledger 4

2 Principles of Accounting, 4th edition2 2 PowerPoint 29Chapter 4, Unit 6 The Journal: Where Transactions Are First Recorded (page 1)

3 Principles of Accounting, 4th edition3 3 PowerPoint 29Chapter 4, Unit 6 Transactions are first recorded chronologically in the journal. The journal contains a complete record of each transaction: date, account debited and amount, account credited and amount, and explanation. Journals may be completed manually in the form of a book. Journals may be completed using a computer and take the form of a computer file. The Journal: Where Transactions Are First Recorded (page 2)

4 Principles of Accounting, 4th edition4 4 PowerPoint 30Chapter 4, Unit 7 Posting to the Ledger (page 1)

5 Principles of Accounting, 4th edition5 5 PowerPoint 30Chapter 4, Unit 7 Posting to the Ledger (page 2) The ledger is a group of accounts. Each account contains a complete, up-to-date record of all transactions affecting only that particular account. The ledger may be a manually prepared paper record or a set of files in a computer system. Posting is the process of transferring information to the ledger from the journal.

6 Principles of Accounting, 4th edition6 6 PowerPoint 31Chapter 4, Unit 7 Balance-Column Form of Ledger Account (page 1) Cash Nov. Bal. 135135 2000 75 100 2175 1825 Nov.3636 150 200 350

7 Principles of Accounting, 4th edition7 7 PowerPoint 31Chapter 4, Unit 7 Balance-Column Form of Ledger Account (page 2) The balance-column form of account provides a balance after each transaction. The DR/CR column indicates whether the balance is a debit or a credit. There is less chance of error in the balance-column form of account than in a T-account.

8 Principles of Accounting, 4th edition8 8 PowerPoint 32Chapter 4, Unit 7 Determining Account Balances (page 1) Cash Oct.145145 2500 200 1150 Oct.2727 1100 550

9 Principles of Accounting, 4th edition9 9 PowerPoint 32Chapter 4, Unit 7 Determining Account Balances (page 2)

10 Principles of Accounting, 4th edition10Principles of Accounting, 4th edition10 PowerPoint 33Chapter 4, Unit 7 Introducing the Accounting Cycle

11 Principles of Accounting, 4th edition11Principles of Accounting, 4th edition11 PowerPoint 34Chapter 4, Unit 8 Source Documents and the Principle of Objectivity

12 Principles of Accounting, 4th edition12Principles of Accounting, 4th edition12 PowerPoint 35Chapter 4, Unit 8 Main Menu Sage Simply Accounting Software Used with permission of Sage Software, Inc. © 2012 Sage Software, Inc. All rights reserved.

13 Principles of Accounting, 4th edition13Principles of Accounting, 4th edition13 PowerPoint 36Chapter 4, Unit 8 General Journal Entry Form Sage Simply Accounting Software Used with permission of Sage Software, Inc. © 2012 Sage Software, Inc. All rights reserved.

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