The General Ledger. The 4 th step of the accounting cycle is to post to the ledger.
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1 The General Ledger 4 Post to the ledger The 4 th 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.
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. ACCOUNT OCT 1 Cash in Bank Balance 101 ACCOUNT NO. a 25,000 To open a account with a balance 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. 6) Enter the balance in the appropriate column.
3 Opening Ledger Accounts Account Name Account # Balance Cash in Bank 101 9,285 Accts Rec Smith 105 1,235 ACCOUNT ACCOUNT ACCOUNT ACCOUNT Account Name Account # Balance Accts Pay Jones B. Good, Capital Sales Revenue ,260 0 Cash in Bank 101 ACCOUNT NO. OCT 1 Balance a 9,285 Accounts Receivable - Smith 105 ACCOUNT NO. OCT 1 Balance a 1,235 Accounts Payable - Jones 201 ACCOUNT NO. OCT 1 Balance a 980 B. Good, Capital 301 ACCOUNT ACCOUNT NO. OCT 1 Balance a 27,260 Sales Revenue 401 ACCOUNT NO.
4 Posting to the General Ledger GENERAL JOURNAL Page: 1 REF DEBIT CREDIT 1 2 OCT 1 Cash in Bank ,000 3 T. Rex, Capital ,000 4 Memo Office Equipment 125 6,740 6 Cash in Bank 101 6,740 7 Check 101 ACCOUNT Cash in Bank ACCOUNT NO. 101 OCT 1 G1 30,000 30,000 3 G1 6,740 23,260 ACCOUNT T. Rex, Capital ACCOUNT NO. 301 OCT 1 G1 30,000 30,000 ACCOUNT Office Equipment ACCOUNT NO. 125 OCT 3 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 GENERAL JOURNAL Page: 1 REF DEBIT CREDIT 1 2 OCT 1 Cash in Bank ,000 3 M. Sanchez, Capital ,000 4 Memo 1 ACCOUNT Cash in Bank ACCOUNT NO. 101 OCT 1 ACCOUNT Maria Sanchez, Capital ACCOUNT NO. 301 G1 25,000 25,000 OCT 1 G1 25,000 25,000
7 Posting Transaction 2 GENERAL JOURNAL Page: 1 REF DEBIT CREDIT 5 2 Office Equipment M. Sanchez, Capital Memo 2 ACCOUNT Office Equipment ACCOUNT NO. 120 OCT 2 G ACCOUNT Maria Sanchez, Capital ACCOUNT NO. 301 OCT 1 G1 25,000 25,000 2 G ,400
8 Posting Transaction 3 GENERAL JOURNAL Page: 1 REF DEBIT CREDIT 8 4 Computer Equipment 115 3,000 9 Cash in Bank 101 3, Check 101 ACCOUNT Computer Equipment ACCOUNT NO. 115 OCT 4 G1 3,000 3,000 ACCOUNT Cash in Bank ACCOUNT NO. 101 OCT 1 G1 25,000 25,000 2 G1 3,000 22,000
9 Posting Transaction 4 GENERAL JOURNAL Page: 1 REF DEBIT CREDIT 11 9 Delivery Equipment , Accts Payable - North Shore Auto , Invoice 200 ACCOUNT Delivery Equipment ACCOUNT NO. 125 OCT 9 G1 12,000 12,000 ACCOUNT Accounts Payable - North Shore Auto ACCOUNT NO. 205 OCT 9 G1 12,000 12,000
10 Posting Transaction 5 GENERAL JOURNAL Page: 1 REF DEBIT CREDIT Accounts Receivable - Green Company Office Equipment Memo 3 ACCOUNT Accounts Receivable ACCOUNT NO. 110 OCT 11 G ACCOUNT Office Equipment ACCOUNT NO. 120 OCT 2 G G
11 Posting Transaction 6 GENERAL JOURNAL Page: 1 REF DEBIT CREDIT Accounts Payable - North Shore Auto Cash in Bank Check 102 ACCOUNT Accounts Payable - North Shore Auto ACCOUNT NO. 205 OCT 1 G1 12,000 12, G ,650 ACCOUNT Cash in Bank ACCOUNT NO G1 3,000 22, G ,650
12 Posting Transaction 7 GENERAL JOURNAL Page: 1 REF DEBIT CREDIT Cash in Bank Accounts Receivable - Green Co Receipt 1 ACCOUNT Cash in Bank ACCOUNT NO G , G ,850 ACCOUNT Accounts Receivable - Green Company ACCOUNT NO G G
13 Posting Transaction 8 GENERAL JOURNAL Page: 1 REF DEBIT CREDIT Cash in Bank 101 1, Delivery Revenue 401 1, Receipt 2 ACCOUNT Cash in Bank ACCOUNT NO G , G1 1,200 23,050 ACCOUNT Delivery Revenue ACCOUNT NO. 401 OCT 15 G1 1,200 1,200
14 Posting Transaction 9 GENERAL JOURNAL Page: 1 REF DEBIT CREDIT Rent Expense Cash in Bank Check 103 ACCOUNT Rent Expense ACCOUNT NO. 510 OCT 15 G ACCOUNT Cash in Bank ACCOUNT NO G1 1,200 23, G ,350
15 Posting Transaction 10 GENERAL JOURNAL Page: 1 REF DEBIT CREDIT Advertising Expense Accounts Pay - Beacon Advertising Invoice 129 ACCOUNT Advertising Expense ACCOUNT NO. 501 OCT 18 G ACCOUNT Accounts Payable - Beacon Advertising ACCOUNT NO. 201 OCT 18 G
16 Posting Transaction 11 GENERAL JOURNAL Page: 1 REF DEBIT CREDIT Accounts Receivable - City News 105 1, Delivery Revenue 401 1, Sales Invoice 1 ACCOUNT Accounts Receivable - City News ACCOUNT NO. 105 OCT 20 G1 1,450 1,450 ACCOUNT Delivery Revenue ACCOUNT NO. 401 OCT 15 G1 1,200 1, G1 1,450 2,650
17 Posting Transaction 12 GENERAL JOURNAL Page: 2 REF DEBIT CREDIT 1 2 OCT 28 Utilities Expense Cash in Bank Check 104 ACCOUNT Utilities Expense ACCOUNT NO. 515 OCT 28 G ACCOUNT Cash in Bank ACCOUNT NO G , G ,225
18 Posting Transaction 13 GENERAL JOURNAL Page: 2 REF DEBIT CREDIT 5 29 Maintenance Expense Cash in Bank Check 105 ACCOUNT Maintenance Expense ACCOUNT NO. 505 OCT 29 G ACCOUNT Cash in Bank ACCOUNT NO G , G ,625
19 Posting Transaction 14 GENERAL JOURNAL Page: 2 REF DEBIT CREDIT 8 31 M. Sanchez, Withdrawals Cash in Bank Check 106 ACCOUNT Maria Sanchez, Withdrawals ACCOUNT NO. 302 OCT 31 G ACCOUNT Cash in Bank ACCOUNT NO G , G ,125
20 General Ledger Summary 1 ACCOUNT Cash in Bank ACCOUNT NO. 101 OCT 1 G1 25,000 25,000 4 G1 3,000 22, G , G , G1 1,200 23, G , G , G , G ,125 ACCOUNT Accounts Receivable - City News ACCOUNT NO. 105 OCT 20 G1 1,450 1,450
21 General Ledger Summary 2 ACCOUNT Accounts Receivable - Green Comapany ACCOUNT NO. 110 OCT 11 G G ACCOUNT Computer Equipment ACCOUNT NO. 115 OCT 4 G1 3,000 3,000 ACCOUNT Office Equipment ACCOUNT NO. 120 OCT 2 G G
22 General Ledger Summary 3 ACCOUNT Delevery Equipment ACCOUNT NO. 125 OCT 9 G1 12,000 12,000 ACCOUNT Accounts Payable - Beacon Advertising ACCOUNT NO. 201 OCT 18 G ACCOUNT Accounts Payable - North Shore Auto ACCOUNT NO. 205 OCT 9 G1 12,000 12, G ,650
23 General Ledger Summary 4 ACCOUNT Maria Sanchez, Capital ACCOUNT NO. 301 OCT 1 G1 25,000 25,000 2 G ,400 ACCOUNT Maria Sanchez, Withdrawals ACCOUNT NO. 302 OCT 31 G ACCOUNT Income Summary ACCOUNT NO. 303
24 General Ledger Summary 5 ACCOUNT Delivery Revenue ACCOUNT NO. 401 OCT 15 G1 1,200 1, G1 1,450 2,650 ACCOUNT Advertising Expense ACCOUNT NO. 501 OCT 18 G ACCOUNT Maintenance Expense ACCOUNT NO. 505 OCT 29 G
25 General Ledger Summary 6 ACCOUNT Rent Expense ACCOUNT NO. 510 OCT 16 G ACCOUNT Utilities Expense ACCOUNT NO. 515 OCT 28 G This takes a long time, but it s pretty easy.
26 Homework Textbook Page: 175 Workbook Page: Problem 7-5
27 Problem 7-1 Cash in Bank 101 JAN 1 Balance a Accts Rec Mark Cohen 104 JAN 1 Balance a 2000 Accts Pay Jenco Industries 203 JAN 1 Balance a Tom Torrie - Capital 301 That was easy JAN 1 Balance a Admissions Revenue 401
28 Problem 7-2 May 1 G That was easy May 1 G
29 Classwork Textbook Page: Workbook Page: 123 Problem 7-7 General Journal Only
30 Roadrunner Delivery Service Trial Balance October 31, 101 Cash in Bank 21, Accounts Receivable - City News 1, Accounts Receivable - Green Company Computer Equipment 3, Office Equipment Delivery Equipment 12, Accounts Payable - Beacon Advertising Accounts Payable - North Shore Auto 11, Maria Sanchez, Capital 25, Maria Sanchez, Withdrawals Income Summary Delivery Revenue 2, Advertising Expense Maintenance Expense Rent Expense Utilities Expense 125 Totals 39,775 39,775
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.
35 Error in a Journal entry that has not been posted to the Ledger GENERAL JOURNAL Page: 1 REF DEBIT CREDIT Rent Expense Cash in Bank Check 103 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. GENERAL JOURNAL Page: 1 REF DEBIT CREDIT Rent Expense Cash in Bank Check 103
36 Error in posting to the Ledger when the Journal entry is correct ACCOUNT Accounts Payable - North Shore Auto ACCOUNT NO. 205 OCT 9 G1 12,000 12, G ,650 You discover that the entry on Oct 12 th 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. ACCOUNT Accounts Payable - North Shore Auto ACCOUNT NO. 205 OCT 9 G1 12,000 12,000 3,150 8, G ,650
37 Error in a Journal entry that has been posted On Nov 23 rd you write memo #68 indicating that a $200 check to pay the electricity bill on Nov 15 th 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. GENERAL JOURNAL Page: 5 REF DEBIT CREDIT Utilities Expense Maintenance Expense Memo 68 ACCOUNT Utilities Expense ACCOUNT NO G Correcting Entry G ACCOUNT Maintenance Expense ACCOUNT NO G Correcting Entry G
38 Homework Textbook Page: 177 Workbook Page: Problem 7-9
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