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Mr. Belolan
Objectives
Describe the steps followed in the posting process
Accurately post business transactions from a general journal to accounts in the ledger
Prepare a trial balanceRecord correcting entries in general
journal
What is the purpose of posting from the Journal to the General Ledger?To put data from the Journal into Ledger format
for ease and organization.
Definition: The process of transferring information from a journal entry to an individual account
Prepared after all posting is finished
Proves equality of debits and credits (basic accounting equation)
Pages or cards kept together in a book or fileRecords effects on each account separately
Question: What are some of our accounts and why would we want a separate record?
For every transaction, we will have 2 postingsOne debit and one creditTemporary accounts start with a zero balance, permanent
accounts will keep a running tallyWe keep a running total of each account’s balance
Create a Trial BalanceProves equality of debits and credits (basic
accounting equation)
Proving the LedgerProving the Ledger
1. What is the purpose of posting from the Journal to the General Ledger?
2. Which two temporary accounts decrease Owner’s Equity?
3. Which temporary account increase Owner’s Equity?
Class Activity: Complete “Work Together” 5-2, 5-3 on WB page 75, 77 & 78.