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Complete a
Journalize work sheet.
Post entries to Prepare trial
transactions.
the ledger balance.
accounts.
Step 1: Examine
source documents. Step 2: Analyze
transactions.
Step 3: Record
transactions in a
journal.
The
The Journal
Journal
In
In an
an actual
actual accounting
accounting system,
system, transactions
transactions
are
are initially
initially recorded
recorded in
in the
the journal.(
journal.( handout)
handout)
Exercise
Problem 1 on page 53.
Posting
Posting Journal
Journal Entries
Entries to
to the
the
Ledger
Ledger Accounts
Accounts
Posting
involves copying
information from
the journal to the
ledger accounts.
The
The Ledger
Ledger
Accounts
Accounts are
are
Cash individual
individual records
records
showing
showing increases
increases
Accounts
and
and decreases.
decreases.
Payable
The
The entire
entire group
group ofof
Jill Jones, accounts
accounts is is kept
kept
Capital together
together inin an
an
accounting
accounting record
record
called
called aa general
general
ledger( ))
ledger(
Chart of Accounts
A official list of all the accounts and their
account numbers
1. The first digit indicates the major account
classification
2. The second digit indicates financial
statement classification
3. The third digit indicates detailed account
classification
Posting
Sorting out and copying the information from
the journal to the ledger account.
Posting
Posting Journal
Journal Entries
Entries to
to the
the
Ledger
Ledger Accounts
Accounts
Posting
Posting Journal
Journal Entries
Entries to
to the
the
Ledger
Ledger Accounts
Accounts
Cross reference
3) Insert the page number of the journal in
the posting reference column of the ledger
account
4) Insert the ledger account number in the
posting reference column of the journal
Example on page 45
Ledger
Ledger Accounts
Accounts After
After Posting
Posting
This
This ledger
ledger format
format is
is referred
referred to
to as
as aa
running
running balance
balance (as
(as opposed
opposed to to simple
simple
TT accounts).
accounts).
Steps in Processing
Transactions
Assets
Assets = Liabilities
Liabilities + Equity
Equity
Step 1: Examine
source documents. Step 2: Analyze
transactions.