Trial Balance Tutorial

Group Texting Activity!

This is our group activity for the next meeting, review on journalizing!

Instructions: 

a. Each group will choose  representatives who will write the answer on the board and the other members of the group will be picking questions on the box at the back.

b. They will send their answer to the representative using cellphone and after receiving the message he/she write it to the board.

c.Each Group will be given 5 minutes to pick and answer the questions.

d.The group who got the highest correct scores will be the winner.

Want a Game?

Arithmetic Game

http://www.gamesbox.com/games/21197/Arithmetic_Challenge#.UGJXJ7KPUqM

Rubrics for Classroom Paticipation

http://www.sites4teachers.com/links/redirect.php?url=http://www.rubrics4teachers.com/sample/ParticipationRubric.pdf

 E- PORTFOLIO

If you need sample pictures about bookkeeping, click the Link below.

http://www.facebook.com/media/set/?set=a.497381910272316.119921.497368200273687&type=3

Facebook Page

http://www.facebook.com/bookkeepers14?skip_nax_wizard=true

Please Visit this page!

Online Poll. . .

http://www.proprofs.com/polls/poll/?title=do-you-enjoy-studying-bookkeeping

Lets have a quiz!

http://www.proprofs.com/quiz-school/story.php?title=bookkeeping-cycle-quiz-no-1

Posting to the General Ledger

Posting Journal Entries to the General Ledger

      The purpose of posting to a ledger is to apply the deposits and charges to the specific account in which they belong.  A ledger is a compilation of accounts.

The process of posting takes an entry from a journal and transfers it to the specific accounts in the ledger.

     A ledger account must be opened.  This means that the account name and number must be written on the top of a ledger form.  Once an account is opened, entries need to be made into it so that the balance for that specific account can be found at any time.  

There are seven columns in a ledger.  These columns include:

• date
• item
• posting reference
• transaction debit
• transaction credit
• balance debit
• balance credit

The item column is only used for special entries.  Special entries would include an opening balance (for cash/owner's equity), writing off an uncollectible account, adjustments, etc.

Below is a sample of an account ledger.

Account:					Account No.
Date	Item	Post. Ref	Debit	Credit	Balance
					Debit	Credit

Posting from the journal to the ledger involves the following steps:

1.  Enter the date of the journal entry in the date column of the ledger.

2.  In the posting reference column, write a "G" for general journal, followed by the page number of the journal that the entry came from.  Ex: page 1 of the general journal would be abbreviated as G1.

3.  Enter the amount of the debit or credit in the respective column. 

4.  Calculate the new balance.  Keep in mind what the normal balance is for the account (from Unit 5).  If the account has a normal debit balance and the entry is for a debit, you would add the two together to get the new debit balance.  If the account has a normal debit balance and the entry is for a credit, you would subtract the amount of the entry from the prior balance to get your new debit balance.  The same concept applies to accounts with normal credit balances.

5.  Once you have filled in all of the information in the ledger, you need to take the account number of the account that you are working on and write it in the posting reference column on the journal on the line of the entry that you have just completed posting.

If the account should have a zero balance after an entry is made, indicate so by drawing a single line through the normal balance column.

Reference:
http://www.educ.uidaho.edu/bustech/accounting/Introductory/acctng_posting_ledger.htm

Here is an example of Posting. Watch this VIDEO TUTORIAL. .

      

       

                                               Source of Video: Youtube.com

Related sites about Posting to the General Ledger:

Web Browsing References

http://www.futureaccountant.com/accounting-process/study-notes/posting-ledger.php

http://www.ehow.com/how_4423056_post-accounting.html

http://www.accountingunplugged.com/2008/09/19/accounting-journals-and-ledgers/

http://classof1.com/homework_answers/accounting/ledger_posting/

Journalizing

WEB BROWSING REFERENCES

This are some examples of journalizing. Hope it will help!

http://accountinginfo.com/study/je/je-101.htm

http://www.swlearning.com/swepstuff/previews/files/accounting/0538435240/blue_ch04.pdf

http://answers.yahoo.com/question/index?qid=20110709173503AA7ixtR

THE ACCOUNTING PROCESS

  Steps in the accounting process:

        1. Analyzing business documents.

        2. Recording business transactions in the journal to have chronological records of economic      activities.

       3. Posting to the general ledger to create a record of classified accounts.

       4. Preparation of trial balance to prove the equality of debits and credits in the general ledger.

       5. Making ends of period adjustments.

       6. Prepare a work sheet to facilitate the preparation of financial statements.

       7. preparation of financial statemernts.

       8. Journalizing and posting closing entries.  the objective of closing entry is to transfer the revenue, expense and drawing accounts to the capital account.

      9. Preparation of post-closing trail balance to ensure that the ledger remains in balance after posting the closing entries.

 Reference:

Fundamentals of Accounting P-1 (Accounting for service, Merchandising and Manufacturing)

By: Gloria Ardaniel Rante

Rules of Debit and Credits

Asynchronous Presentation

http://www.slideshare.net/jhayfox14/rules-of-debit-and-credit-14448003

What is Accounting?

            Accounting is a service activity which function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions.  It identifies, records, and processes business activities to come up with financial reports that are measured in monetary terms to show the financial condition of the business.

Function of Accounting

        Accounting encompasses several function:

        1. The first function is to Identify the different business activities relevant to the operation of an organization.

       2. The second function id the recording of these business activities either manually or electronically.

       3. After recording, financial reports are prepared, analyzed and interpreted to different users of accounting information depending on their economic needs.

       Examples of Financial Reports are:

       1. Income Statement - shows the result of the business operation.

       2. Balance Sheet - shows the financial condition of the business.

       3. Statement of Cash Flows - shows the sources and uses of the organization's funds.

       4. Statement of Changes in Owner's Equity.

Branches of Accounting

       Financial Accounting - is focused on the recording of business transactions and preparation of financial statements to communicate the results of operation and financial condition of the enterprise to the external users.

      Management Accounting - is focused on providing the management with accounting information relevant to the activities of the different managers in enterprise.

The accounting profession

1. Public Accounting - In Public accounting, an accountant may practice as an individual practitioner practitioner or may join an accounting firm.

2. Private Accounting - Not all CPAs are public accountants.  The scope of activities of private accountants is very wide.  Some are financial accountants who primarily records transactions and events, prepare financial statements, and provide timely reports to management.

3. Government Accounting - Accountants are not only working with private companies or accounting firms.  Government agencies like Polytechnic University of the Philippines (PUP) and other state universities and colleges, Commission on Audits (COA), Bureau of Internal Revenue (BIR) Bureau of Customs, National Home Mortgage and other government agencies need the service of accountants.

4. Accounting Education - Educators play a very important role in the development of future professionals like accountants.

Reference:

Fundamentals of Accounting P-1 (Accounting for service, Merchandising and Manufacturing)

By: Gloria Ardaniel Rante

This blog is created for educational purposes only!

Hope it will help you! 

By: J. J. Gonzales