before lunch after lunch - mrs. fahey's web...agenda: monday, february 13 before lunch overview...

AGENDA: Monday, February 13

Before Lunch

Overview of Chapter 11

• Instruction

After Lunch

11-1: Posting to A/P Ledger

• Instruction, including 11-1

Work Together

• 11-1 On Your Own

• 11-1 Application Problem

“Getting to Know You” Survey(password: Spongebob)

www.mrsfaheysweb.weebly.com

Signed Video Forms

“I Don’t Get It“ Form

CHAPTER 11POSTING TO GENERAL AND

SUBSIDIARY LEDGERS

The Accounting Cycle

1. Source Documents

2. Journals

3. Ledgers(T-Accounts)

4. Trial Balance

5. Financial Statements

The Five Journals -- A ReviewJournal

TypeWhat Is Recorded? Debit Accounts Credit Accounts

Purchases

Cash Receipts

Cash Payment

General Journal

Sales on Account Accounts Receivable (A/R)

SalesSales Tax Payable

Purchases on Account Accounts PayablePurchases

1. Cash Sales

2. Payment on A/R

1. Cash Purchases

2. Payment on A/P

1. Expense AcctSupplies, etc. OR Purchases

2. A/P

1. Cash

2. Cash,If discount, Purchase Discount

Various things that don’t fit in Special Journals

1. Cash

2. CashIf discount:

Sales Discount

1. Sales,Sales Tax Payable

2. A/R

The Three Ledgers

1. General Ledger – individual ledger page for each account on Chart of Accounts

Includes controlling accounts that summarize accounts in Subsidiary Ledger

2. Subsidiary Ledgers

a) Accounts Receivable Ledger

Page for each charge customer

b) Accounts Payable Ledger

Page for each credit vendor

LESSON 11-1 5

What Are Ledgers? How Do They Differ From Journals?

JournalsInitial book of entry –

first place where transactions are recorded

Ledger

Book used to keep recordsof all relevant accounts

Assets

Liabilities

Revenues

Expenses

Capital

Section 11-1Posting to an Accounts Payable Ledger

TERMS TO KNOW

Subsidiary Ledger

A ledger that is summarized in a single general ledger account.

Accounts Payable Ledger

A subsidiary ledger containing only accounts for vendors, from

whom items are purchased or bought on account.

Controlling Account

An account in a general ledger that summarizes all accounts in

a subsidiary ledger.

Accounts Payable Ledger & General Ledger Controlling Account

Accounts Payable (2110)

Accounts Payable Ledger

(Lists All Vendors)

Vendor 1 (210)

Vendor 2 (220)

Vendor 3 (230)

CONTROLLING ACCOUNT

Contained in GENERAL LEDGER

SUBSIDIARY LEDGEROne Page Per Vendor

Accounts Payable Ledger &General Ledger Controlling Account

Process For PostingTo Accounts Payable

Ledger

1. Open Accounts Payable Ledger From for Vendor

2. Post from Purchases Journal to Accounts Payable Ledger

3. Post from Cash Payment Journal to Accounts Payable Ledger

4. Post from General Journal to Accounts Payable Ledger

5. Prove Accounts Payable Ledger

1a. Basics Of An Accounts Payable Ledger Form

What is it?Provides a running record of

the amount that the business owes a vendor.

VENDOR IDENTIFICATION

INCREASE IN ACCOUNT

DECREASE IN ACCOUNT

CURRENTBALANCE

1b. Opening Accounts Payable Ledger Forms

3 4 5 6

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.

TRY IT

Start a new page for an Accounts Payable Ledger accountfor Regal Designs. The account number is 240 and

the balance on October 1 of the current year is $877.00.

Regal Designs 240

Balance √ 877 00

2. Posting From A Purchases JournalTo An Accounts Payable Ledger

1. Write the date.

2. Write the journal page number.

3. Write the credit amount.

4. Write the new account balance.

TRY ITPost the Accounts Payable credit entry on line 7 of the

Purchases Journal to the accounts payable account for Regal Designs

19 P10 1403 20 2280 20

3. Posting From A Cash Payments JournalTo An Accounts Payable Ledger

4. Subtract the amount in the Debit column from the previous balance in

the Credit column. Write the new balance.

1. Write the date.

2. Write the journal

page number.

3. Write the debit

amount.

TRY IT

Post the Accounts Payable Debit entry on line 15 of the Cash Payments Journal to the accounts payable account for Electro-Graphics Supply

20 CP15 776 00 0 00

AGENDA: Tuesday, February 13

Before Lunch

• Review

• Posting from General Journal

After Lunch

11-1: Posting to A/P Ledger

• Instruction, including 11-1 Work

Together

Signed Video Forms

Posting to Accounts Payable Ledger

A/P Ledger

Purchases Journal

Cash Payment Journal

General Journal

Posting to A/P Ledger from General Journal

Decreases Account Balance

Increases Account Balance

4a. Posting A Credit Entry From A General JournalTo 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.

TRY ITPost the credit entry on line 5 of the General Journal to

the accounts payable account for Electro-Graphics Supply.

26 G 11 2544 000

2544 00

20 CP15 776 00

4b. Posting A Debit Entry From A General JournalTo An Accounts Payable Ledger

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.

TRY IT

Post the debit entry on line 6 of the General Journal to the accounts payable account for Art and Things.

230210

28 G11 125 00 748 00

COMPLETED ACCOUNTS

PAYABLE LEDGER

5. Proving The Accounts Payable Ledger

LESSON 11-1 27

Schedule of Accounts Payable

A listing of vendor accounts, account balances, and total amount due to all vendors.

TRY IT

Prepare a schedule of accounts payable for Graphics, Inc., on October 31 of the current year for these selected accounts. Accounts Payable balance in the general

ledger on October 31 is $6,558.20.

Graphics, Inc.

Schedule of Accounts Payable

October 31, 20--

Arts and Things 748 00

Can Do Graphics 986 00

Electro-Graphics Supply 2 544 00

Regal Designs 2 280 20

Total Accounts Payable 6 588 20

YOUR TURN

On Your Own 11-1

Application 11-1

AGENDA: Wednesday, February 15

Before Lunch

Finish 11-1 Application

After Lunch

11-2: Posting to A/R Ledger

• Instruction, including 11-2

Work Together

Signed Video Forms

Section 11-2Posting to an Accounts Receivable Ledger

Subsidiary Ledgers

A/P Ledger

Purchases Journal

General Journal

A/R Ledger

General Journal

Cash Receipts Journal

Sales Journal

Amounts the Business Owes to Vendors:

ACCOUNTS PAYABLE

Amounts CustomersOwe to the Business:

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE LEDGER AND GENERAL LEDGER CONTROLLING ACCOUNT

Accounts Receivable (1130)

Accounts Receivable Ledger

(Lists All Customers)

Customer 1 (110)

Customer 2 (120)

Customer 3 (130)

CONTROLLING ACCOUNT

Contained in GENERAL LEDGER

SUBSIDIARY LEDGEROne Page Per

Customer

ACCOUNTS RECEIVABLE LEDGER AND GENERAL LEDGER CONTROLLING ACCOUNT

Process For Posting

To Accounts

Receivable Ledger

1. Open Accounts Receivable Ledger From for Customer

2. Post from Sales Journal to Accounts Receivable Ledger

3. Post from Cash Receipts Journal to Accounts Receivable Ledger

4. Post from General Journal to Accounts Receivable Ledger

5. Prove Accounts Receivable Ledger

ACCOUNTS RECEIVABLE LEDGER FORMS

1 Customer name 2 Customer number

Accounts Receivable Ledger

A subsidiary ledger containing only accounts for charge customers

TRY IT

Start a new page for an accounts receivable ledger accountfor Brandee Sparks. The account number is 140,

and the balance for October 1 of the current year is $212.00.

Brandee Sparks

Oct 1 Balance v 212 00

2. Posting From A Sales JournalTo An Accounts Receivable Ledger

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.

TRY IT

Post the accounts receivable debit entry on line 5 of the Sales Journal to the accounts receivable account for Brandee Sparks.

20 S10 576 64 788 64

3. Posting From A Cash Receipts Journal To An Accounts Receivable Ledger

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.

TRY ITPost the accounts receivable credit entry on line 9 of the Cash Receipts

Journal to the accounts receivable account for Alfredo Lopez.

21 CR12 254 40 1 272 00

1. Write the date.

4. Posting A Credit Entry From A GeneralJournal To An Accounts Receivable Ledger

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.

TRY ITPost the credit entry on line 3 of the General Journalto the accounts receivable account for David Bishop.

12 G11 55 12 183 38

COMPLETED ACCOUNTS RECEIVABLE LEDGER

5. Proving The Accounts Receivable Ledger page 313

TRY IT

Prepare a schedule of accounts receivable for Graphics, Inc., on October 31 of the current year. Accounts Receivable balance in the

general ledger on October 31 is $2,530.22.

Graphics, Inc.

Schedule of Accounts Receivable

October 31, 20--

David Bishop 183 38

Maria Farrell 286 20

Alfred Lopez 1 272 00

Brandee Sparks 788 64

Total Accounts Receivable 2 530 22

AGENDA: Friday, February 17

Before Lunch

Finish:

• 11-2 Work Together & On Your Own

• 11-2 Application

After Lunch

11-3: Posting from Journals to the

General Ledger

• Instruction, including 11-3 Work Together

Signed Video Forms

Section 11-3Posting from Journals to General Ledger

The Three Ledgers

1. General Ledger – individual ledger page for each account on Chart of Accounts

Includes controlling accounts that summarize accounts in Subsidiary Ledger

2. Subsidiary Ledgers

a) Accounts Receivable Ledger

Page for each charge customer

b) Accounts Payable Ledger

Page for each credit vendor

LESSON 11-1 49

Subsidiary Ledgers

A/P Ledger

Purchases Journal

General Journal

A/R Ledger

General Journal

Cash Receipts Journal

Sales Journal

Amounts the Business Owes to Vendors:ACCOUNTS PAYABLE LEDGER

Amounts Customers Owe to the Business: ACCOUNTS RECEIVABLE LEDGER

General Ledger

Purchases Journal

General Journal

What Does A General Ledger Do?

• Sorts and summarizes information

• Information relates to both balance sheet and income statement accounts

• Controlling account Account in a General Ledger that summarizes all accounts in a Subsidiary Ledger

• General Ledger accounts are regularly updated to reflect changes in account balances

OVERVIEW OF POSTINGS TO GENERAL LEDGER

1. Start a New Page for an Account in A General Ledger

2. Post from General Amount Columns of Cash Payments Journal to General Ledger

3. Post from General Journal to General Ledgera) Debits

b) Credits

1. Starting A New Page For An Account In A General Ledger

3 4 5 6

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.

TRY IT

Start a new page for a general ledger account for Supplies—Office.

The account number is 1145, and the balance for October 1 of the current year is $3,824.00.

Oct 1 Balance v 3 824 00

2. Posting From The General Amount Columns Of ACash Payments Journal To A General Ledger

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.

2. Write the journal

page number.

3. Write the debit

amount. 4

TRY IT

Post the October 19 General Debit entry of theCash Payments Journal to the appropriate general ledger account.

69 6019 CP15 3 893 60

5. Write the

general ledger

account number.

3a. Posting A Debit Entry From A General Journal To A General Ledger

1. Write the date.

2. Write the

general journal

page number.

3. Write the

amount.

4. Calculate and

write the new

account

balance.

5. Write the

general ledger

account number.

3b. Posting A Credit Entry From A General Journal To A General Ledger

1. Write the date.

2. Write the

general journal

page number.

3. Write the

amount.

4. Calculate and

write the new

account

balance.

TRY IT

Post the October 12 General Journal entry to the appropriate general ledger accounts.

413021401130

955 00

1284 73

1406 88

TRY IT

413021401130

2 544 00

6 437 60

11452110

5 061 80

TRY IT

41021401130

2 544 00

125 00 2 026 35

11452110

5 061 8028 G11

21105130

125 00 4 936 80

AGENDA: Tuesday, February 21

Before Lunch

Finish:

(We’ll Work Together)

After Lunch

11-4: Posting Special Journal Totals

to a General Ledger

Together

PAST DUE: Vocabulary WS

• Sheet on my website

• Print off and give me hard copy

Section 11-4Posting Special Journal Totalsto a General Ledger

Posting Special Journals to General Ledger, Part 1

• Differs from posting from the General Journals because you post the total of the columns several transactions at one time

• With General Journals, you post one transactions at a time

THE ORDER OF POSTING MATTERS:

1. Sales Journal

2. Purchases Journal

3. General Journal

4. Cash Receipts Journal

5. Cash Payments Journal

1. Post Sales Journal Totals

2. Post Purchase Journal Totals

TOTAL & CROSS REFERENCE TO GENERAL LEDGER

3. Post Special Amount Columns of Cash Receipts Journal

4. Post Special Amount Columns of Cash Payments Journal

5. In the sales journal,

write the general ledger

account number.

1. Posting Totals Of A Sales Journal To A General Ledger

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.

Try It:

Post the October 31 column totals of the Sales Journal.

(1130)

31 S10 7 377 60 8 622 33

31 31S10 6 960 00 240 295 00

(4110) (2140)

S10 417 60 1 824 48

1. Write the date.

2. Posting The Total Of A Purchases Journal To A General Ledger

2. Write the purchases

journal page number.

write the purchases

journal column total.

calculate and write

the new balance.

5. Write the purchases

general ledger

account number and

the accounts payable

general ledger

account number.2

Try It:

Post the October 31 column total of the Purchases Journal.

11 818 40

118 378 00

16 755 20

(5110/2110)

3. Posting Special Amount Column Totals Of A Cash Receipts Journal To A General Ledger

5 5 5 5 5

1. Date

2. Journal page

number

3. Column total

4. Account balance

5. Account number

Try It:

Post the October 31 column totals of the Cash Receipts Journal

CP12 CP12

CP12CP12

6360 00 2 302 33 18 320 00

1099 20

258 615 00

2 923 6831 40

25 747 80

2 229 40

38 983 38

(1130) (4110) (2140) (4120) (1110)

4. Posting Special Amount Column Totals Of A Cash Payments Journal To A General Ledger

1. Date

2. Journal page number

3. Column total

4. Account balance

5. Account number2

Try It:

Post the October 31 column totals of the Cash Payments Journal

8 656 00 8 099 20

128 48 1 387 33

18 704 16 20 279 22

(√) (√) (2110) (5120) (1110)

AGENDA: Wednesday, February 22

Before Lunch

Finish:

After Lunch

11-5: Correcting Errors in

Subsidiary Ledger Accounts

Together

• Study Guide

Signed Video Forms

Section 11-5Correcting Errors in Subsidiary Ledger Accounts

Errors In Subsidiary Ledger AccountsSometimes Occurs for Sales on Account

Total of Accounts Receivable account is okay.

However…impacts Accounts Receivable Ledger because total owed in individual customer accounts are both overstated and understated. Why?

Example:

Sale on account was charged to Customer A (wrong account) instead of Customer B (right account).

Customer A’s account is overstated –appears it owes more than it does

Customer B’s account is understated --appears it owes less than it does

Process1. Journalize reversing entry in General Journal

• Involves only subsidiary accounts

• Post only to customer accounts

2. Post General Journal transactions in Accounts Receivable Ledger

Don’t need to journal to accounts receivable

account

Journalizing Correcting Entries Affecting Customer Accounts

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.

80LESSON 11-5

Posting Correcting Entries Affecting Customer Accounts

2. Write the general

journal page number.

1. Write the date.

5. Write the appropriate

customer number in the

Post. Ref. columns.

4. Calculate and write the

new account balances.

TRY IT1. Journalize the following transaction on page 6 of a general journal. The

memorandum source document is abbreviated as M.

June 3 – Discovered that a sale on account to Howell Clinic on May 25, S346, was incorrectly charged to the account of Howsley Dance Studio, $414.99. M57

2. Post the items to the Accounts Receivable Ledger.

Howell Clinic

Howsley Studio

414 99

414 99160

414 99170

G6 414 99 414 99

DUE TODAY

• All remaining WT/OYO and Application Problems

• Study Guide

• Start on 11-5 Mastery Problem

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