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Mr. Belolan

Ch. 5 Posting Transactions from the General Journal. Mr. Belolan. Objectives. Describe the steps followed in the posting process Accurately post business transactions from a general journal to accounts in the ledger Prepare a trial balance Record correcting entries in general journal.

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Mr. Belolan

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  1. Ch. 5 Posting Transactions from the General Journal Mr. Belolan

  2. Objectives • Describe the steps followed in the posting process • Accurately post business transactions from a general journal to accounts in the ledger • Prepare a trial balance • Record correcting entries in general journal

  3. LEQ • What is the purpose of posting from the Journal to the General Ledger? • To put data from the Journal into Ledger format for ease and organization.

  4. Posting • Definition: The process of transferring information from a journal entry to an individual account

  5. The Trial Balance • Prepared after all posting is finished • Proves equality of debits and credits (basic accounting equation)

  6. The General Ledger • Pages or cards kept together in a book or file • Records effects on each account separately • Question: What are some of our accounts and why would we want a separate record?

  7. The Posting Process • For every transaction, we will have 2 postings • One debit and one credit • Temporary accounts start with a zero balance, permanent accounts will keep a running tally • We keep a running total of each account’s balance

  8. Proving the Ledger • Create a Trial Balance • Proves equality of debits and credits (basic accounting equation)

  9. Concept Review • What is the purpose of posting from the Journal to the General Ledger? • Which two temporary accounts decrease Owner’s Equity? • Which temporary account increase Owner’s Equity?

  10. Activity • Class Activity: Complete “Work Together” 5-2, 5-3 on WB page 75, 77 & 78.

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