chapter 11 posting to general and subsidiary ledgers · chapter 11 – posting to general and...

Chapter 11 – Posting to General and Subsidiary Ledgers

Section 11-1

Subsidiary Ledger –

Accounts Payable Ledger –

Accounts Receivable Ledger –

Controlling Account –

A vendor number is assigned to each account. The three digit number represents which division the

_______________ account appears in the general ledger and the location within the ___________

ledger.

Remember: The ___________ amount owed to all ___________ is summarized in a single general

ledger account called _______________ ______________.

When the ____________ of a vendor account is changed, so does the balance of the ___________

_____________ (Accounts Payable).

General Ledger

Accounts Payable Ledger

Each new account is opened by:

1.

2.

Each entry in the Purchases Journal affects the account of the _________ named in the Account

Credited column.

Each entry in the ____________ ___________ column of the Cash Payments Journal affects a vendor

account.

Entries in the General Journal may affect account balances in a ___________ _____________ and an

____________ ___________ ledger.

This is called Posting Individually.

Schedule of Accounts Payable –

A controlling account balance in a general ledger must _________ that sum of all account balances in a

______________ ledger.

Section 11-2

Accounts are given a three digit number and the first number represents that the controlling account is

in the _________ section.

General Ledger

Accounts Receivable Ledger

Each new account is opened by:

1.

2.

Each amount in a Sales Journal’s ___________ ____________ debit column is posted to the

___________ ___________ ledger.

Each entry in the Accounts Receivable credit column of the Cash Receipts Journal affects the

_____________ named in the Account Title column.

Entries in the General Journal may affect account balances in the __________ ledger and an

___________ _____________ ledger.

This is called Posting Individually.

Schedule of Accounts Receivable –

Section 11-4

Special Journals are totaled and ruled at the end of each month. The totals from each of the Special

Amount columns are posted into the appropriate ledger.

ALL special journals are totaled and ruled at the end of each month. After all journals have been posted

individually then the ____________ of the special journals are posted.

The journals MUST be posted in the following order (to avoid balances being negative to some point in

the posting):

1.

2.

3.

4.

5.

Post all the money we get before the money we spent.

Section 11-5

Errors may be made in recording amounts in ______________ ledgers that do not affect the controlling

account in the general ledger. Such errors could be posting into the wrong customer or vendor

account.

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. Memo # 56.

Once the correcting transaction has been journalized, the transaction must be __________ into the

correct subsidiary accounts. NOTICE there is no slash in the Post. Ref. column because no correction

needs to be made to the ______________ account.