1. NORTHERN SECONDARY SCHOOL 1 Chapter 7 Posting

2. NORTHERN SECONDARY SCHOOL 2 Accounting Cycle So Far

3. NORTHERN SECONDARY SCHOOL 3 Traditional T Account

4. NORTHERN SECONDARY SCHOOL 4 Standard Ledger Account P101

5. NORTHERN SECONDARY SCHOOL 5 Steps In Posting 1.Turn to correct ledger page 2.Record date on next blank line 3.Record source journal, “j” for General Journal (GJ), and page number 4.Record entry amount in Dr OR Cr column 5.Calculate and enter new balance in balance column 6.Record ledger account # under “PR” in GJ

6. NORTHERN SECONDARY SCHOOL 6 Start With General Journal

7. NORTHERN SECONDARY SCHOOL 7 Complete Ledger Entry

8. NORTHERN SECONDARY SCHOOL 8 Complete Journal Note this journal entry changes 3 ledger accounts (recall this is called a “compound entry”)

9. NORTHERN SECONDARY SCHOOL 9 First Cr Entry Note method for carrying previous page balance forward

10. NORTHERN SECONDARY SCHOOL 10 Journal Entry 2

11. NORTHERN SECONDARY SCHOOL 11 Third Ledger Entry

12. NORTHERN SECONDARY SCHOOL 12 Final Journal Posting

13. NORTHERN SECONDARY SCHOOL 13 Summary See p.214 & 215

14. NORTHERN SECONDARY SCHOOL 14 Correcting Errors How to correct an error depends on when you find it

15. NORTHERN SECONDARY SCHOOL 15 Correcting Journal Entries Found Immediately

16. NORTHERN SECONDARY SCHOOL 16 Correcting Ledger Entries Made Immediately

17. NORTHERN SECONDARY SCHOOL 17 Correcting Entry 752.00 Supply debit accidentally posted to Equipment. Oops!

18. NORTHERN SECONDARY SCHOOL 18 Record Correcting Journal Entry

19. NORTHERN SECONDARY SCHOOL 19 Post Correcting Entry Wrong entry counter balanced Correct Amount Remains

20. NORTHERN SECONDARY SCHOOL 20 Forwarding To A New Page Last entry completed First entry just carries balance

21. NORTHERN SECONDARY SCHOOL 21 Dealing With Errors 1.Dif = ten multiple re add T.B. and ledgers 2.Dif = trans amount re check trans. 3.Dif/2 = check for amount. 4.Dif multiple of 9 transposition.