LESSON Posting to an Accounts Payable Ledger. CENTURY 21 ACCOUNTING Thomson/South-Western
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1 LESSON - Posting to an Accounts Payable Ledger
2 2 Posting to an Accounts Payable Ledger There are two (2) major differences between the posting learned in this chapter (corporation) and the posting learned in Part I (Sole Proprietorship):. In this chapter, posting will be made from several special journals as well as the general journal 2. Posting will be made to two (2) subsidiary ledgers accounts payable ledger and accounts receivable ledger LESSON -
3 Ledgers and Controlling Accounts Hobby Shack s general ledger chart of accounts (pg. 2) is large Because of the business s size and the number and type of transactions, Hobby Shack also uses additional ledgers in its accounting system A business needs to know the amount owed each vendor as well as the amount to be collected from each charge customer Therefore, a separate account is needed for each vendor and each customer LESSON -
4 Ledgers and Controlling Accounts Hobby Shack keeps a separate ledger for vendors and a separate ledger for customers Each separate ledger is summarized in a single general ledger account is called a subsidiary ledger A subsidiary ledger containing only accounts for vendors from whom merchandise is purchased on account or other items are bought on account is call an Accounts Payable Ledger A subsidiary ledger containing only accounts for charge customers is called a Accounts Receivable Ledger LESSON -
5 5 Ledgers and Controlling Accounts Total amounts are summarized in a single general ledger accounts: Accounts Payable: for vendors Accounts Receivable: for charge customers An account in a general ledger that summarizes all accounts in a subsidiary ledger is called a Controlling Account The balance of a controlling account equals the total of all account balances in its related subsidiary ledger LESSON -
6 ACCOUNTS PAYABLE LEDGER AND GENERAL LEDGER CONTROLLING ACCOUNT page 299 Hobby Shack assigns a vendor number to each account in the accounts payable ledger The total of all vendor account balances in the accounts payable ledger equals the balance of the controlling account, Accounts Payable 6 LESSON -
7 ACCOUNTS PAYABLE LEDGER FORMS (opening an account) 7 page Write the vendor name. 2. Write the vendor number.. Write the date.. Write the word Balance. 5. Place a check mark in the Post. Ref. column. 6. Write the balance. ***Accounts payable are liabilities and have a normal credit balance; therefore, the Debit balance column is usually not needed for the accounts payable ledger accounts. LESSON -
8 POSTING FROM A PURCHASES JOURNAL TO AN ACCOUNTS PAYABLE LEDGER 8 Each entry in the purchases journal affects the account of the vendor named in the Account Credited column The amount on each line of a purchases journal is posted as a credit to a vendor account in the accounts payable ledger Posting frequently to the accounts payable ledger keeps each vendor account balance up to date LESSON -
9 POSTING FROM A PURCHASES JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page Write the date. 2. Write the journal page number.. Write the credit amount.. Write the new account balance. 5. Write the vendor number. LESSON -
10 POSTING FROM A CASH PAYMENTS JOURNAL TO AN ACCOUNTS PAYABLE LEDGER 0 Each entry in the Accounts Payable Debit column of a cash payments journal affects a vendor account Individual amounts in the Accounts Payable Debit column are posted frequently to the proper vendor account in the accounts payable ledger Posting frequently keeps each vendor account balance up to date LESSON -
11 POSTING FROM A CASH PAYMENTS JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page 02. Write the date. 2. Write the journal page number.. Write the debit amount.. Subtract the amount in the Debit column from the previous balance in the Credit column. Write the new balance. 5. Write the vendor number. 2 5 LESSON -
12 POSTING A CREDIT ENTRY FROM A GENERAL JOURNAL TO AN ACCOUNTS PAYABLE LEDGER 2 Entries in a general journal may affect account balances in a general ledger and an accounts payable ledger For example: Purchases Returns and Allowance Buying supplies on account Posting from a general journal to a general ledger will be described more on pages 7-8 (-) LESSON -
13 POSTING A CREDIT ENTRY FROM A GENERAL JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page Write the date. 2. Write the general journal page number.. Write the amount.. Add the amount in the Credit column to the previous balance in the Credit Balance column. Write the new balance. 5. Write the vendor number. LESSON -
14 POSTING A DEBIT ENTRY FROM A GENERAL JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page Write the date. 2. Write the general journal page number.. Write the amount.. Add the amount in the Debit column to the previous balance in the Debit Balance column. Write the new balance. 5. Write the vendor number. LESSON -
15 COMPLETED ACCOUNTS PAYABLE LEDGER page 0 5 All vendor accounts make up the complete accounts payable ledger. LESSON -
16 PROVING THE ACCOUNTS PAYABLE LEDGER 6 A controlling account balance in a general ledger must equal the sum of all account balances in a subsidiary ledger A listing of vendor accounts, account balances, and total amount due all vendors is called a Schedule of Accounts Payable A schedule of accounts payable is prepared after all entries in a journal are posted LESSON -
17 PROVING THE ACCOUNTS PAYABLE LEDGER page 05 7 LESSON -
18 LESSON -2 Posting to an Accounts Receivable Ledger
19 ACCOUNTS RECEIVABLE LEDGER AND GENERAL LEDGER CONTROLLING ACCOUNT page 07 9 Customers Accounts LESSON -2
20 ACCOUNTS RECEIVABLE LEDGER FORMS page Customer name 2 Customer number Similar to the Accounts Payable Ledger Accounts Receivable are ASSETS with a Normal Balance of Debit LESSON -2
21 POSTING FROM A SALES JOURNAL TO AN ACCOUNTS RECEIVABLE LEDGER page Write the date.. Add the amount in the Debit column to the 2. Write the sales journal previous balance in the Debit Balance page number. column. Write the new account balance.. Write the debit amount. 5. Write the customer number. LESSON -2
22 POSTING FROM A CASH RECEIPTS JOURNAL TO AN ACCOUNTS RECEIVABLE LEDGER page Write the date. 2. Write the cash receipts journal page number.. Write the credit amount.. Subtract the amount in the Credit column from the previous balance in the Debit Balance column. Write the new balance. 5. Write the customer number. 5 2 LESSON -2
23 POSTING A CREDIT ENTRY FROM A GENERAL JOURNAL TO AN ACCOUNTS RECEIVABLE LEDGER page Write the date. 2. Write the general journal page number.. Write the amount.. Subtract the amount in the Credit column from the previous balance in the Debit Balance column. Write the new balance. 5. Write the customer number. LESSON -2
24 COMPLETED ACCOUNTS RECEIVABLE LEDGER page 2 2 LESSON -2
25 PROVING THE ACCOUNTS RECEIVABLE LEDGER page 25 LESSON -2
26 LESSON - Posting from Journals to a General Ledger
27 STARTING A NEW PAGE FOR AN ACCOUNT IN A GENERAL LEDGER 27 page Write the account title. 2. Write the account number.. Write the date.. Write the word Balance in the Item column. 5. Place a check mark in the Post. Ref. column. 6. Write the balance. The number of entries that may be recorded on each general ledger account form depends on the number of lines provided. When all lines have been used, a new page is prepared. LESSON -
28 POSTING FROM THE GENERAL AMOUNT COLUMNS OF A CASH PAYMENTS JOURNAL TO A GENERAL LEDGER 28 Amounts in cash payments journal entries are recorded in either general amount columns or special amount columns Each amount in the General columns of a cash payments journal is posted individually to the general ledger account written in the Account Title column However, only the monthly total of each special amount column is posted to a general ledger account (-) LESSON -
29 POSTING FROM THE GENERAL AMOUNT COLUMNS OF A CASH PAYMENTS JOURNAL TO A GENERAL LEDGER page Write the date. 2. Write the journal page number.. Write the debit amount.. Add the amount in the Debit column to the previous balance in the Balance Debit column. Write the new balance. 5. Write the general ledger account number. LESSON -
30 0 POSTING A DEBIT ENTRY FROM A GENERAL JOURNAL TO A GENERAL LEDGER page 7. Write the date Write the general journal page number.. Write the amount.. Calculate and write the new account balance. 5. Write the general ledger account number. LESSON -
31 POSTING A CREDIT ENTRY FROM A GENERAL JOURNAL TO A GENERAL LEDGER page 8. Write the date. 2. Write the general journal page number Write the amount.. Calculate and write the new account balance. 5. Write the general ledger account number. LESSON -
32 LESSON - Posting Special Journal Totals to a General Ledger
33 POSTING TOTALS OF A SALES JOURNAL TO A GENERAL LEDGER page Write the date. 2. Write the sales journal page number.. For each column and account, write the column total.. For each account, calculate and write the new account balance. 5. In the sales journal, write the general ledger account number. 2 LESSON -
34 POSTING THE TOTAL OF A PURCHASES JOURNAL TO A GENERAL LEDGER page Write the date. 2. Write the purchases journal page number.. For each account, write the purchases journal column total.. For each account, calculate and write the new balance. 5. Write the purchases general ledger account number and the accounts payable general ledger account number. LESSON -
35 POSTING SPECIAL AMOUNT COLUMN TOTALS OF A CASH RECEIPTS JOURNAL TO A GENERAL LEDGER page Date Journal page number. Column total. Account balance 5. Account number LESSON -
36 POSTING SPECIAL AMOUNT COLUMN TOTALS OF A CASH PAYMENTS JOURNAL TO A GENERAL LEDGER page Date 2. Journal page number. Column total. Account balance 5. Account number 2 LESSON -
37 7 Order Of Posting From Special Journals All items, including the totals of special columns, must be posted before a trial balance is prepared The journals should be posted in the following order:. Sales Journal 2. Purchases Journal. General Journal. Cash Receipts Journal 5. Cash Payments Journal LESSON -
38 LESSON -5 Correcting Errors in Subsidiary Ledger Accounts
39 JOURNALIZING CORRECTING ENTRIES AFFECTING CUSTOMER ACCOUNTS 9 page 27 December 0. Discovered that a sale on account to Cumberland Center on December was incorrectly charged to the account of Country Crafters, $2.00. Memorandum No Write the date. 5. Write the name of incorrectly 2. Write the name of correct customer. charged customer.. Write the memorandum number. 6. Write the amount.. Write the amount. LESSON -5
40 POSTING CORRECTING ENTRIES AFFECTING CUSTOMER ACCOUNTS page Write the date. 2. Write the general journal page number.. Write the amount.. Calculate and write the new account balances. 5. Write the appropriate vendor number in the Post. Ref. columns. LESSON -5
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