Chapter 11. Section 11-1 Subsidiary Ledgers: A ledger that is summarized in a single general...

Posting to General and Subsidiary Ledger

Chapter 11

Posting to an Accounts Payable Ledger

Section 11-1

Ledgers and Controlling Accounts

Subsidiary Ledgers:

A ledger that is summarized in a single general ledger account

Accounts Payable Ledger:

A subsidiary ledger containing only accounts for vendors from who you purchase merchandise from

Accounts Receivable Ledger:

Ledger for charge customers

Controlling Account

A subsidiary ledger that summarizes all accounts in subsidiary ledgers. The balance will equal the total of all account balances.

Accounts Payable Ledger and General Ledger Controlling Account

Vendor Number

3 Digits

1st Number is the Division number (Assets, Liabilities, and Owners Equity)

2nd and 3rd is the location in subsidiary ledger assigned by 10’s

For Example: 210

2 Means Liabilities

10 Means 1st Liability on the list in Alphabetical Order

Division Number

1 – Assets

2- Liabilities

3- Owners Equity

The total amount owed to all vendors is summarized in a single general ledger account, Accounts Payable

Just a Reminder

General Ledger

Accounts Payable Balance = Contro

lling Le

dger Account

Opening AACCOUNTS PAYABLE LEDGER FORMS

1. Write the vendor name.

2. Write the vendor number.

3. Write the date.

4. Write the word Balance.

5. Place a check mark in the Post. Ref. column.6. Write the balance.

POSTING FROM A PURCHASES JOURNAL TO AN ACCOUNTS PAYABLE LEDGER

1

2

3

4

5

1. Write the date.

2. Write the journal page number.

3. Write the credit amount.

4. Write the new account balance.


POSTING FROM A CASH PAYMENTS JOURNAL TO AN ACCOUNTS PAYABLE LEDGER

1 25

4

3

4. Subtract the amount in the Debit column from the previous balance in the Credit column. Write the new balance.

1. Write the date.



3. Write the debit amount.

POSTING A CREDIT ENTRY FROM A GENERAL JOURNAL TO AN ACCOUNTS PAYABLE LEDGER

1. Write the date.2. Write the general journal

page number.

3. Write the amount.

4. Add the amount in the Credit column to the previous balance in the Credit Balance column. Write the new balance.


1

2

4

3

5

LESSON 11-1 11

POSTING A DEBIT ENTRY FROM A GENERAL JOURNAL TO AN ACCOUNTS PAYABLE LEDGER page 303

1. Write the date.2. Write the general journal

page number.


4. Add the amount in the Debit column to the previous balance in the Debit Balance column. Write the new balance.


1

4

2 53

Proving the Accounts Payable Ledger

Hobby Shack Inc

Schedule of Accounts Payable

November 30, 2011

American Paint 7145.88

Ceramic Supply 4147.20

Crown Distributing 1787.00

Floral Designs 996.00

Gulf Craft Supply 900.00

Synthetic Arts 3816.00

Total Accounts Payable 18792.08

Schedule of Accounts Payable: a listing of vendor accounts, account balances, and total amount due all vendors.

Posting to an Accounts Receivable Ledger

11-2

Accounts Receivable and General Ledger Controlling Account

Assign each customer an Account Number

1st Digit:

Shows the controlling account is an Asset – Accts Receivable

2nd and 3rd Digit

Specific Customers ( 10, 20, and 30)

Whenever you change one of the customer account ledger it will change the controlling Accounts Receivable Ledger

FYIWhen an account is no

longer in use you will remove it from the ledger and that number is available

All Accts Receivable Subsidiary Ledgers= Balance in Accounts Receivable Ledger

LESSON 11-2 17

ACCOUNTS RECEIVABLE LEDGER FORMS page 308

1Customer name 2Customer number

LESSON 11-2 18

POSTING FROM A SALES JOURNAL TO AN ACCOUNTS RECEIVABLE LEDGER page 309

4. Add the amount in the Debit column to the previous balance in the Debit Balance column. Write the new account balance.

1. Write the date.

2. Write the sales journal page number.

3. Write the debit amount. 5. Write the customer number.

4

2

5

3

1

LESSON 11-2 19

POSTING FROM A CASH RECEIPTS JOURNAL TO AN ACCOUNTS RECEIVABLE LEDGER page 310

4. Subtract the amount in the Credit column from the previous balance in the Debit Balance column. Write the new balance.

2. Write the cash receipts journal page number.

5. Write the customer number.

3. Write the credit amount.

1. Write the date.

4

1

2

3

5

LESSON 11-2 20

1. Write the date.

POSTING A CREDIT ENTRY FROM A GENERAL JOURNAL TO AN ACCOUNTS RECEIVABLE LEDGER

page 311

4

21 5

2. Write the general journal page number.


4. Subtract the amount in the Credit column from the previous balance in the Debit Balance column. Write the new balance.

5. Write the customer number.

3

LESSON 11-2 21

PROVING THE ACCOUNTS RECEIVABLE LEDGER page 313

Posting from Journals to a General Ledger11-3

LESSON 11-3 23

STARTING A NEW PAGE FOR AN ACCOUNT IN A GENERAL LEDGER1 2

3 4 5 6

page 315

1. Write the account title.

2. Write the account number.

3. Write the date.

4. Write the word Balance in the Item column.

5. Place a check mark in the Post. Ref. column.

6. Write the balance.

LESSON 11-3 24

POSTING FROM THE GENERAL AMOUNT COLUMNS OF A CASH PAYMENTS JOURNAL TO A GENERAL LEDGER page 316

4. Add the amount in the Debit column to the previous balance in the Balance Debit column. Write the new balance.

5. Write the general ledger account number.

1. Write the date.


3. Write the debit amount. 4

23

1 5

LESSON 11-3 25

5. Write the general ledger account number.

POSTING A DEBIT ENTRY FROM A GENERAL JOURNAL TO A GENERAL LEDGER page 317

4

2

3

51

1. Write the date.



4. Calculate and write the new account balance.

11-4 Posting Totals of a Sales Journal to a General Ledger

Journals should be Posted in the Following Order

Sales

Purchases

General Journal

Cash Receipts

Cash Payments

LESSON 11-4 27

5. In the sales journal, write the general ledger account number.

POSTING TOTALS OF A SALES JOURNAL TO A GENERAL LEDGER page 320

5

5

51

1

1

2

2

2

3

3

3

4

4

4

4. For each account, calculate and write the new account balance.

1. Write the date.

2. Write the sales journal page number.

3. For each column and account, write the column total.

LESSON 11-4 28

1. Write the date.

POSTING THE TOTAL OF A PURCHASES JOURNAL TO A GENERAL LEDGER page 321

4

41

1

3

3

5

5

2. Write the purchases journal page number.

3. For each account, write the purchases journal column total.

4. For each account, calculate and write the new balance.

5. Write the purchases general ledger account number and the accounts payable general ledger account number.2

2

LESSON 11-4 29

POSTING SPECIAL AMOUNT COLUMN TOTALS OF A CASH RECEIPTS JOURNAL TO A GENERAL LEDGER page 322

5 5 5 5 5

4

44

4

4

1

11

1

1

2

22

2

2

3

33

3

3

1. Date

2. Journal page number

3. Column total

4. Account balance

5. Account number

LESSON 11-4 30

POSTING SPECIAL AMOUNT COLUMN TOTALS OF A CASH PAYMENTS JOURNAL TO A GENERAL LEDGER page 324

1. Date

2. Journal page number

3. Column total

4. Account balance

5. Account number2

2

2

3

3

3

4

4

4

5 5

5

1

1

1

Correcting Errors in Subsidiary Ledger Accounts 11-5

LESSON 11-5 32

JOURNALIZING CORRECTING ENTRIES AFFECTING CUSTOMER ACCOUNTS

1

2

3

4

5 6

page 327

December 10. Discovered that a sale on account to Cumberland Center on December 3 was incorrectly charged to the account of Country Crafters, $412.00. Memorandum No. 56.

1. Write the date. 5. Write the name of incorrectly charged customer.2. Write the name of correct customer.

3. Write the memorandum number.



LESSON 11-5 33

POSTING CORRECTING ENTRIES AFFECTING CUSTOMER ACCOUNTS page 328

2

2

1

1

4

4

5

5

3

3



1. Write the date.

5. Write the appropriate customer number in the Post. Ref. columns.

4. Calculate and write the new account balances.

Chapter 11. Section 11-1 Subsidiary Ledgers: A ledger that is summarized in a single general...

Documents

Transcript of Chapter 11. Section 11-1 Subsidiary Ledgers: A ledger that is summarized in a single general...