Communication 13 Marks Date Covered Posting F Learning Goals CHAPTER SEVEN POSTING 1. To assess the...
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Communication 13 Marks Date Covered Posting F Learning Goals CHAPTER SEVEN POSTING 1. To assess the effects that transactions have on accounts and financial statements. 2. To record transactions using the general journal for a service business. 3. To understand the purpose and importance of posting transactions from the general journal to the general ledger. 4. To apply the Generally Accepted Accounting Principle of matching Knowledge 13 Marks Success Criteria I am able to 1. Analyze the effects that transactions have on the financial statements. ... Step 3 Chapter Seven: Posting 2. Record the opening entry and journal entries correctly in the general journal. 3. Post transactions from the General Journal to the General Ledger 4. Explain the importance of posting in the accounting cycle. Reviewed for Test when you "post" a letter you are transferring information from your house or place of business to another in accounting, posting refers to the transfer of information from the General Journal to the ledger accounts every individual amount recorded in the journal must be posted separately we are no longer using T accounts 000 each account is a full page long in our workbooks they have put three or four accounts on a page in order that you not have a 600 page workbook balance column accounts have three columns: debit, credit and balance 002 this allows the balance to stand out at any given date Opening an Account A80 means preparing an account page and placing it in its proper place in the ledger 201 on RAH Fill in the following Steps for opening an account (3 Marks) Step 1 Step 2 g Page 1 60410 07263 0 MSVK-7A LAP 9 30080324 Fill in the following Steps for posting an account in the Ledger (6 Marks) CUR Steps in Posting 2020 Date Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 June 1 DATE 2 Now take the following two transactions and post them to the General Ledger accounts. Make sure to use the posting references. Account numbers and the page numbers are set up for you. onlady (12 marks) 2022 Bank Supplies Computer 200 OUISER GENERAL JOURNAL PARTICULARS L. Gilkes, Capital Opening the Books Supplies Bank Purchased supplies for cash Account: Bank Particulars Chapter Seven: Posting PR GENERAL LEDGER PR Debit V768 o 1:07 Page 1 DEBIT 15,000.00 1,500.00 5,000.00 50.00 915-1 Credit Dr/Cr CREDIT $21,500.00 50.00 No. 105 Balance Page 2 is in S First Nat d Selec for tis Lit 02 25 2020 2020 Date 2020 Date Date - - Account: Supplies Particulars Account: Computers Particulars Account: L. Gilkes, Capital Particulars Correcting Errors in the Books A 10 PR Debit Chapter Seven: Posting PR Debit PR Debit Credit No. 110 Dr/Cr Credit Dr/Cr No. 115 Cross Referencing part is the recording of the journal page number in the account and the recording of the account number in the journal there are three reasons for cross-referencing: 2. 1. Entries in accounts can easily be traced back to their source in the general journal. Entries in the journal can be followed through to the accounts where they have been posted. 3. If the posting is interrupted, it is easy to tell where to begin again. Journal amounts that have been posted will have the account number entered. OMAUAH TAMIT Balance Credit Dr/Cr Balance No. 305 Balance do not erase erasures might arouse the suspicions of the auditors if found immediately, simply stroke neatly through the incorrect figures or letters and write in the correct ones immediately above. errors found later will need a correcting error Tel: 00 Aquz2 Page 3 Pinnamorol when an account page is full, the account must be continued on the next page forwarding is the process of continuing an account or journal on a new page by carrying forward the date and the balance from the completed page Forwarding Procedure 2021 Date July 5 8 10 12 2021 Date Step 1 Step 2 Account: Bank Step 3 Particulars Step 4 Assume you are going to a new page. Please forward this balance to the next page. (1 Mark) Bank Particulars Account: PR J3 J3 J3 J4 Chapter Seven: Posting Debit $5,000.00 2,500.00 PR 1,500,00 Debit Credit $2,250 wolon The Accounting Cycle set of accounting procedures that must be carried out during each fiscal period Complete the first four steps. (4 Marks) DR/CR Dr Dr Dr Dr Credit No. 101 Balance $5,000.00 7,500.00 5,250.00 6,750.00 TRIAL BALANCE OUT OF BALANCE DR/CR No. 101 Balance - after recalculating the total in the trial balance: 1. If the trial balance difference is a multiple of 10 such as 10 cents, 1 dollar and so on, an error in addition has likely been made. Re-add the trial balance columns and if that doesn't work recalculate the balances in the individual accounts. Page (D 1." ble ge." ress ts an of art Na hal Pe WAR Firs ead S war d M du 365 2. Check both the ledger and the journal to see if the trial balance difference is equal to an amount entered in the ledger or the journal. 3. Divide the trial balance difference by two. Then search the trial balance and ledger accounts for this divided amount. If an equivalent amount is found, check it carefully. In particular see if a debit amount has been posted or transferred as a credit, or vice versa a decimal point error has occurred. A transposition error is when you switch two 4. If the trial balance difference is a multiple of 9 it is likely that a transposition error or numbers (ie 169 or 196) while a decimal point error occurs when $1.19 is recorded at $119.00. Communication 13 Marks Date Covered Posting F Learning Goals CHAPTER SEVEN POSTING 1. To assess the effects that transactions have on accounts and financial statements. 2. To record transactions using the general journal for a service business. 3. To understand the purpose and importance of posting transactions from the general journal to the general ledger. 4. To apply the Generally Accepted Accounting Principle of matching Knowledge 13 Marks Success Criteria I am able to 1. Analyze the effects that transactions have on the financial statements. ... Step 3 Chapter Seven: Posting 2. Record the opening entry and journal entries correctly in the general journal. 3. Post transactions from the General Journal to the General Ledger 4. Explain the importance of posting in the accounting cycle. Reviewed for Test when you "post" a letter you are transferring information from your house or place of business to another in accounting, posting refers to the transfer of information from the General Journal to the ledger accounts every individual amount recorded in the journal must be posted separately we are no longer using T accounts 000 each account is a full page long in our workbooks they have put three or four accounts on a page in order that you not have a 600 page workbook balance column accounts have three columns: debit, credit and balance 002 this allows the balance to stand out at any given date Opening an Account A80 means preparing an account page and placing it in its proper place in the ledger 201 on RAH Fill in the following Steps for opening an account (3 Marks) Step 1 Step 2 g Page 1 60410 07263 0 MSVK-7A LAP 9 30080324 Fill in the following Steps for posting an account in the Ledger (6 Marks) CUR Steps in Posting 2020 Date Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 June 1 DATE 2 Now take the following two transactions and post them to the General Ledger accounts. Make sure to use the posting references. Account numbers and the page numbers are set up for you. onlady (12 marks) 2022 Bank Supplies Computer 200 OUISER GENERAL JOURNAL PARTICULARS L. Gilkes, Capital Opening the Books Supplies Bank Purchased supplies for cash Account: Bank Particulars Chapter Seven: Posting PR GENERAL LEDGER PR Debit V768 o 1:07 Page 1 DEBIT 15,000.00 1,500.00 5,000.00 50.00 915-1 Credit Dr/Cr CREDIT $21,500.00 50.00 No. 105 Balance Page 2 is in S First Nat d Selec for tis Lit 02 25 2020 2020 Date 2020 Date Date - - Account: Supplies Particulars Account: Computers Particulars Account: L. Gilkes, Capital Particulars Correcting Errors in the Books A 10 PR Debit Chapter Seven: Posting PR Debit PR Debit Credit No. 110 Dr/Cr Credit Dr/Cr No. 115 Cross Referencing part is the recording of the journal page number in the account and the recording of the account number in the journal there are three reasons for cross-referencing: 2. 1. Entries in accounts can easily be traced back to their source in the general journal. Entries in the journal can be followed through to the accounts where they have been posted. 3. If the posting is interrupted, it is easy to tell where to begin again. Journal amounts that have been posted will have the account number entered. OMAUAH TAMIT Balance Credit Dr/Cr Balance No. 305 Balance do not erase erasures might arouse the suspicions of the auditors if found immediately, simply stroke neatly through the incorrect figures or letters and write in the correct ones immediately above. errors found later will need a correcting error Tel: 00 Aquz2 Page 3 Pinnamorol when an account page is full, the account must be continued on the next page forwarding is the process of continuing an account or journal on a new page by carrying forward the date and the balance from the completed page Forwarding Procedure 2021 Date July 5 8 10 12 2021 Date Step 1 Step 2 Account: Bank Step 3 Particulars Step 4 Assume you are going to a new page. Please forward this balance to the next page. (1 Mark) Bank Particulars Account: PR J3 J3 J3 J4 Chapter Seven: Posting Debit $5,000.00 2,500.00 PR 1,500,00 Debit Credit $2,250 wolon The Accounting Cycle set of accounting procedures that must be carried out during each fiscal period Complete the first four steps. (4 Marks) DR/CR Dr Dr Dr Dr Credit No. 101 Balance $5,000.00 7,500.00 5,250.00 6,750.00 TRIAL BALANCE OUT OF BALANCE DR/CR No. 101 Balance - after recalculating the total in the trial balance: 1. If the trial balance difference is a multiple of 10 such as 10 cents, 1 dollar and so on, an error in addition has likely been made. Re-add the trial balance columns and if that doesn't work recalculate the balances in the individual accounts. Page (D 1." ble ge." ress ts an of art Na hal Pe WAR Firs ead S war d M du 365 2. Check both the ledger and the journal to see if the trial balance difference is equal to an amount entered in the ledger or the journal. 3. Divide the trial balance difference by two. Then search the trial balance and ledger accounts for this divided amount. If an equivalent amount is found, check it carefully. In particular see if a debit amount has been posted or transferred as a credit, or vice versa a decimal point error has occurred. A transposition error is when you switch two 4. If the trial balance difference is a multiple of 9 it is likely that a transposition error or numbers (ie 169 or 196) while a decimal point error occurs when $1.19 is recorded at $119.00.
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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