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NORTHERN SECONDARY SCHOOL
1
Chapter 7Posting
NORTHERN SECONDARY SCHOOL
2 Accounting Cycle So Far
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3 Traditional T Account
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4Standard Ledger Account
P101
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5 Steps In Posting
1. Turn to correct ledger page
2. Record date on next blank line
3. Record source journal, “j” for General Journal (GJ), and page number
4. Record entry amount in Dr OR Cr column
5. Calculate and enter new balance in balance column
6. Record ledger account # under “PR” in GJ
NORTHERN SECONDARY SCHOOL
6 Start With General Journal
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7 Complete Ledger Entry
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8 Complete Journal
Note this journal entry changes 3 ledger accounts (recall this is called a “compound entry”)
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9 First Cr EntryNote method for
carrying previous page balance forward
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10 Journal Entry 2
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11 Third Ledger Entry
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12 Final Journal Posting
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13 Summary See p.214 & 215
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14 Correcting Errors
• How to correct an error depends on when you find it
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15Correcting Journal Entries
Found Immediately
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16Correcting Ledger Entries
Made Immediately
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17 Correcting Entry
752.00 Supply debit accidentally posted to Equipment.
Oops!
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18Record Correcting
Journal Entry
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19 Post Correcting Entry
Wrong entry counter balanced
Correct Amount Remains
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20 Forwarding To A New Page
Last entry completed
First entry just carries
balance
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21 Dealing With Errors
1. Dif = ten multiple re add T.B. and ledgers
2. Dif = trans amount re check trans.
3. Dif/2 = check for amount.
4. Dif multiple of 9 transposition.