Presentation on theme: "Chapter 7 Posting Journal Entries to General Ledger Accounts"— Presentation transcript:




You are watching: Chapter 7 posting journal entries to general ledger accounts answers

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13 The Posting Process Key Idea You Will LearnSECTION 7.2 Key Idea Posting is the process of carrying information from the journal to individual accounts in the ledger. You Will Discover just how to short article transactions to the general ledger. just how to compute account balances.

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14 The Posting Process Posting TransactionsSECTION 7.2 Posting Transactions Journal entries execute not present a clear image of exactly how a business transaction alters an account’s balance. Posting shows the final influence on an account, which is why a ledger is sometimes called a book of last entry: Posting intervals are determined by the dimension of the business, and also whether the accounting mechanism is computerized or manual. The posting process constantly stays the exact same. The procedure is always percreated from left to best.

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15 The Posting Process Posting to the Roadrunner General LedgerSECTION 7.2 Posting to the Roadrunner General Ledger Tright here are 6 steps compelled for posting journal entries to a ledger: 1.Get in the date of the journal enattempt in the Date column. 2.The Description column is generally left empty, however can be provided to compose in the resource record. 3.Get in journal letter and also web page number in Blog post. Ref. column. 4. Enter the delittle bit amount in the Delittle bit column. 5. Compute the brand-new account balance. 6. Go into the account number in the basic journal Blog post. Ref. column. 7. Repeat steps 1-6 for the credit part of the journal enattempt.

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17 Lets look at pperiods 171- 173 in our text book for one more instance.

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18 The Posting Process Computing a New Account BalanceSECTION 7.2 Computing a New Account Balance A brand-new account balance is computed each time a transactivity is posted to an account. When the existing account balance is a delittle bit, and the amount posted is a delittle bit, ADD the quantities. the amount posted is a credit, SUBTRACT the quantities. When the existing account balance is a crmodify, and also the amount posted is a debit, SUBTRACT the quantities. the amount posted is a crmodify, ADD the quantities.

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19 The Posting Process Computing a New Account BalanceSECTION 7.2 Computing a New Account Balance A ledger account through several postings.

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20 The Posting Process Computing a New Account BalanceSECTION 7.2 Computing a New Account Balance A ledger account with a zero balance.

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21 Lets try Problem 7-2 Working Papers web page 95

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23 Preparing a Trial BalanceSECTION 7.3 Main Idea To learn just how to prove that your bookkeeping system is in balance. It is the proof that your full debits equal your total credits. You Will Find Out the procedures in preparing a trial balance. how to find and also correct errors in a trial balance.

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24 Preparing a Trial BalanceSECTION 7.3 Key Terms proving the ledger trial balance transplace error slide error correcting enattempt

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25 Preparing a Trial BalanceSECTION 7.3 The 5th Step in the Accounting Cycle: The Trial Balance In order for an accountancy device to occupational effectively, it is crucial to remember the essential actions to store it in balance: Calculating the balance. Finding any type of errors that may have occurred. Using general rules and also guidelines to narrow dvery own wright here and also why the mistake was made. Correcting the mistake.

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26 Preparing a Trial BalanceSECTION 7.3 The Fifth Step in the Accounting Cycle: The Trial Balance Once the journal entries have been correctly posted to the ledger, the sum of the debits have to equal the sum of the credits. The last numbers should be the same; this is called proving the ledger. Check out the instance on page 178 of your text book.

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27 Preparing a Trial BalanceSECTION 7.3 The Fifth Step in the Accounting Cycle: The Trial Balance To prove the ledger, accountants prepare a list of all the account names and also their present balances. This list is referred to as the trial balance. If the totals are equal, the trial balance is in balance. If they are not, attempt adding the columns up aobtain. If tbelow is still a mistake, it should be corrected.

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28 Preparing a Trial BalanceSECTION 7.3 Finding an Error If tbelow is an error, one opportunity may be that 2 numbers were reversed as soon as recording the indevelopment from the journal, referred to as a transposition error. One method to help inspect for these kinds of errors is if the distinction in between the credits and also the debits is divisible by 9. An example of this is if $469 was written as $496.

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31 Here’s what happened: On November15, Ms. Benack uncovered an error in a journal entry made on November 2.

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A $100 check to pay the electrical power bill was journalized and posted to the Maintenance Expense account by mistake. Maintenance Expense Delittle bit + 100 Crmodify - Cash in Bank Delittle bit + Crmodify - 100

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34 Let’s attempt Problem 7-3! Working Papers web page 96

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