Chapter 4: Posting From A General Journal To A General Ledger

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Chapter 4: Posting from a General Journal to aGeneral Ledger

Goals of Chapter 4: Define accounting terms related to posting form ageneral journal to a general ledgerIdentify accounting concepts and practices related toposting from a general journal to a general ledgerPrepare a chart of accounts for a service businessorganized as a proprietorshipPost amounts from a general journal to a generalledgerProve cashAnalyze and journalize correcting entriesLESSON 3-12

4-1: Preparing a Chart of Accounts Ledger: a group of accounts General Ledger: a ledger that contains all accounts in the chart ofaccountsNeeded to prepare the financial statements of anycompanyLESSON 4-13

4-1: Preparing a Chart of Accountspage 91RELATIONSHIP OF A T ACCOUNT TO AN ACCOUNT FORM123Balance columnsShould normally be on the NormalSide for each account typeLESSON 4-14

4-1: Preparing a Chart of Accountspage 92CHART OF ACCOUNTSAccount Title: corresponds to the Chart of Accounts for that business.LESSON 4-15

4-1: Preparing a Chart of Accountspage 92Account Number: the number assigned to an account from theChart of Accounts and used in the ledgerThe basic Account numbering system that most smallbusinesses use corresponds to the order the accounts appear inthe financial statements100’s AssetsNeed to memorize400’s Revenues200’s Liabilitiesthis numbering500’s Expensesconcept300’s Owner’s EquityThe numbering system is scaleable depending upon the size of the businessLESSON 4-16

4-1: Preparing a Chart of Accounts page 92Businesses generally leave gaps between accountnumbers when creating the Chart of Accounts.Within the general division points, you want toleave number gaps of 10 or more to allow for theaddition of new accounts.File Maintenance: the process of arranging orassigning accounts, deleting account numbers andkeeping records current.LESSON 4-17

4-1: Preparing a Chart of Accountspage 94Opening an Account: writing an account title and number on thetop line of an Account Form for the General LedgerOPENING AN ACCOUNT IN A GENERAL LEDGER211. Write the account title after the word Account in the heading.2. Write the account number after the words Account No. in the heading.LESSON 4-18

4-2:Posting from General Journal to General Ledgerpage 96Posting: transferring information from a journal entryto a ledger account251341. Write the date.2. Write the journal page number.3. Write the debit amount.4. Write the new account balance.5. Return to the journal and writethe account number.LESSON 4-29

4-2:Posting from General Journal to General Ledgerpage 97POSTING AN AMOUNT FROM THE CREDIT COLUMN OF A GENERALJOURNAL251341. Write the date.2. Write the journal page number.3. Write the credit amount.4. Write the new account balance.5. Return to the journal and writethe account number.LESSON 4-210

4-2:Posting from General Journal to General Ledgerpage 98POSTING A DEBIT AMOUNT TO AN ACCOUNT WITH A DEBIT BALANCE251341. Write the date.2. Write the journal page number.3. Write the debit amount.4. Write the new account balance.5. Return to the journal and writethe account number.LESSON 4-211

4-2:Posting from General Journal to General Ledgerpage 99POSTING A DEBIT AMOUNT TO AN ACCOUNT WITH A CREDIT BALANCE253141. Write the date.2. Write the journal page number.3. Write the debit amount.4. Write the new account balance.5. Return to the journal and writethe account number.LESSON 4-212

4-2:Posting from General Journal to General LedgerJOURNAL PAGE WITH POSTING COMPLETEDpage 100(continued on next slide)LESSON 4-213

4-2:Posting from General Journal to General Ledgerpage 100JOURNAL PAGE WITH POSTING COMPLETED(continuedfrompreviousslide)LESSON 4-214

4-3:Completed General Ledger, Proving Cash, and Makingpage 102Correcting EntriesGENERAL LEDGER WITHPOSTING COMPLETED(continued on next slide)LESSON 4-315

4-3:Completed General Ledger, Proving Cash, and Makingpage 104Correcting EntriesGENERAL LEDGERWITH POSTINGCOMPLETED(continued on next slide)LESSON 4-316

4-3: Completed General Ledger, Proving Cash, and Makingpage 106Correcting EntriesPROVING CASH - determining that the amount of cash in ourbank records proves with the balance of the cash account inthe general ledger.Cash can be proved at any time, but should be proven at theend of each fiscal period (month, quarter, semi-annual orannual)LESSON 4-317

4-3: Completed General Ledger, Proving Cash, and Makingpage 106Correcting EntriesIf you discover an accounting error AFTER postinghas taken place, the error should be analyzed anda correcting entry made to correct the mistake.Correcting Entry: a journal entry made to correctan error in the ledger. A MEMORANDUM is theSource Document for aCorrecting EntryLESSON 4-318

4-3:Completed General Ledger, Proving Cash, and Makingpage 107Correcting EntriesJOURNAL ENTRY TO RECORD A CORRECTING ENTRYNovember 13. Discovered that a payment ofcash for advertising in October was journalizedand posted in error as a debit to MiscellaneousExpense instead of Advertising Expense, 140.00. Memorandum No. 15.1Date4Credit2DebitSource Document3LESSON 4-319

TERMS REVIEW page 108ledgergeneral ledgeraccount numberfile maintenanceopening an accountpostingproving cashcorrecting entryLESSON 4-320

posting from a general journal to a general ledger Prepare a chart of accounts for a service business organized as a proprietorship Post amounts from a general journal to a general ledger Prove cash Analyze and journ

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