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Review

Review. HST recoverable – tax you paid for purchases related to business HST payable - tax you charge customers We analysed our transactions using HST recoverable & HST payable and put them into the general journal. 7.1 Posting. What is POSTING?.

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Review

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  1. Review HST recoverable – tax you paid for purchases related to business HST payable - tax you charge customers We analysed our transactions using HST recoverable & HST payable and put them into the general journal

  2. 7.1 Posting

  3. What is POSTING? • The process of transferring information from the journal to the ledger

  4. No more T-accounts!! This is what the General Ledger will now look like

  5. Let’s Try It!

  6. Record NEW balance & indicate DR/CR 1 Account Name Account # 2 Post-reference (journal page #) 3 6 Bank 105 4 1 Opening Balance J1 1 0 0 0 - DR 1 0 0 0 - NOV DATE 1 J1 3 3 9 - 6 6 1 - Cheque Copy 3 Cash Sales J1 2 8 2 50 9 4 3 50 50 Source Document Name Record the amount on the appropriate side 5

  7. Cross-referencing • A) record the journal page # (i.e. J1) in the LEDGER PR column & • B) record the ledger account # in the PR column in the JOURNAL

  8. Complete the rest of the ledger entries on your page!

  9. Forwarding Procedure: • Process of transferring final balance to a new page when existing page is complete or full • Record ‘FORWARD’ on last entry & on new page to show it comes from another location • Do exercise #3 on page 219 (t), 120 (w) to see it in action!

  10. Homework: • Complete exercises 2 (posting) & 3 (forwarding) pg. 219 (t) & pg. 116-120 (w • NOTE: that for exercise 2 leave the GST & PST (combine them to create HST) & complete an Income statement & Balance sheet (on blank paper)

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