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Lesson 1-4 POSTING TO A GENERAL LEDGER

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Presentation on theme: "Lesson 1-4 POSTING TO A GENERAL LEDGER"— Presentation transcript:

1 Lesson 1-4 POSTING TO A GENERAL LEDGER
CHAPTER 4 4/13/2017 POSTING TO A GENERAL LEDGER

2 4-2 PREPARING A CHART OF ACCOUNTS
Lesson 1-4 4/13/2017 4-2 PREPARING A CHART OF ACCOUNTS A group of accounts is called a ledger. A general ledger - is a ledger that contains all accounts needed to prepare a financial statement.

3 RELATIONSHIP OF A T ACCOUNT TO AN ACCOUNT FORM
Lesson 1-4 4/13/2017 RELATIONSHIP OF A T ACCOUNT TO AN ACCOUNT FORM page 91 Balance columns

4 Lesson 1-4 4/13/2017 CHART OF ACCOUNTS page 92 Chart of Accounts - list of account titles and numbers showing the location of each account ledger. We use 5 general divisions.

5 Lesson 1-4 4/13/2017 ACCOUNT NUMBERS page 92 The 1st digit indicates in which general ledger division the account is located. Ex: Assets 100, Liabilities 200 The 2nd digit & 3rd digit indicate the location of an account within that division. 140 150 160

6 OPENING AN ACCOUNT IN A GENERAL LEDGER
Lesson 1-4 4/13/2017 OPENING AN ACCOUNT IN A GENERAL LEDGER page 94 1 2 1. Write the account title. 2. Write the account number.

7 4-2 POSTING SEPARATE AMOUNTS FROM A JOURNAL TO A GENERAL LEDGER
Lesson 1-4 4-2 POSTING SEPARATE AMOUNTS FROM A JOURNAL TO A GENERAL LEDGER 4/13/2017 Transferring information from a journal entry to a ledger account is called posting. Posting sorts journal entries so that all debits and credits affecting each account are brought together in one place. Ex: All changes to Cash are brought together in Cash account.

8 POSTING AN AMOUNT FROM A GENERAL DEBIT COLUMN
Lesson 1-4 4/13/2017 POSTING AN AMOUNT FROM A GENERAL DEBIT COLUMN page 96 2 1 3 5 4 1. Write the date. 4. Write the new account balance. 2. Write the journal page number. 5. Return to the journal and write the account number. 3. Write the debit amount.

9 POSTING A SECOND AMOUNT TO AN ACCOUNT
Lesson 1-4 4/13/2017 POSTING A SECOND AMOUNT TO AN ACCOUNT page 97 2 1 3 5 4 1. Write the date. 4. Write the new account balance. 2. Write the journal page number. 5. Return to the journal and write the account number. 3. Write the debit amount.

10 POSTING AN AMOUNT FROM A GENERAL CREDIT COLUMN
Lesson 1-4 4/13/2017 POSTING AN AMOUNT FROM A GENERAL CREDIT COLUMN page 98 2 1 5 3 4 1. Write the date. 4. Write the new account balance. 2. Write the journal page number. 5. Return to the journal and write the account number. 3. Write the credit amount.

11 4-3 POSTING COLUMN TOTALS FROM A JOURNAL TO A GENERAL LEDGER
Lesson 1-4 4/13/2017 4-3 POSTING COLUMN TOTALS FROM A JOURNAL TO A GENERAL LEDGER page 100 Check marks show that amounts are not posted. Check mark indicates that amounts ARE NOT posted individually. Check mark indicates that general amount column totals ARE NOT posted.

12 POSTING THE TOTAL OF THE SALES CREDIT COLUMN
Lesson 1-4 4/13/2017 POSTING THE TOTAL OF THE SALES CREDIT COLUMN page 101 2 3 1 5 4 1. Write the date. 4. Write the new account balance. 2. Write the journal page number. 5. Return to the journal and write the account number. 3. Write the column total.

13 POSTING THE TOTAL OF THE CASH DEBIT COLUMN
Lesson 1-4 4/13/2017 POSTING THE TOTAL OF THE CASH DEBIT COLUMN page 102 2 3 1 5 4 1. Write the date. 4. Write the new account balance. 2. Write the journal page number. 5. Return to the journal and write the account number. 3. Write the column total.

14 POSTING THE TOTAL OF THE CASH CREDIT COLUMN
Lesson 1-4 4/13/2017 POSTING THE TOTAL OF THE CASH CREDIT COLUMN page 103 3 2 1 5 4 1. Write the date. 4. Write the new account balance. 2. Write the journal page number. 5. Return to the journal and write the account number. 3. Write the column total.

15 LESSON 4-4 COMPLETED ACCOUNTING FORMS AND MAKING CORRECTING ENTRIES
4/13/2017 LESSON 4-4 COMPLETED ACCOUNTING FORMS AND MAKING CORRECTING ENTRIES page 105 Journal page with posting completed.

16 MEMORANDUM FOR A CORRECTING ENTRY
Lesson 1-4 4/13/2017 MEMORANDUM FOR A CORRECTING ENTRY page 108

17 JOURNAL ENTRY TO RECORD A CORRECTING ENTRY
Lesson 1-4 4/13/2017 JOURNAL ENTRY TO RECORD A CORRECTING ENTRY page 108 November 13. Discovered that a payment of cash for advertising in October was journalized and posted in error as a debit to Miscellaneous Expense instead of Advertising Expense, $ Memorandum No. 15. 1 Date 2 Debit 4 Source Document 3 Credit

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