First Steps in Accounting 5:First Steps in Accounting 5 Posting from the Journal


Slide 2:The first steps in handling and recording transactions dealt with: Analyzing the transactions Entering the transactions to a journal If this was all that was required then in order to determine the balance for any account it would be necessary to search through all the journal entries, extract the entries relevant to that account and then list them in a T-account to be able to determine the balance. In this session you will learn how to: Post the journal to the different accounts Prepare the trial balance from the accounts


Reminder of accounts used:Reminder of accounts used Cash Account Accounts Receivable Prepayments Equipment 211 Accounts Payable 212 Wages Payable 311 Savannah Capital 312 Savannah Withdrawals 313 Income Summary 411 Service Fees 511 Wages Paid 512 Advertising Cost 513 Office Costs 514 Studio Costs Studio Supplies Other Expenses ASSETS LIABILITIES EQUITY REVENUES EXPENSES


A page from a journal:A page from a journal


Slide 5:Each account is held in a general ledger and looks similar to the one shown here. The posting column refers back to the page of the journal that the original transaction was recorded on.


Posting the first transaction:Posting the first transaction The accounts for Cash and Savannah Capital are needed


Where the entries go:Where the entries go The accounts for Cash and Savannah Capital are needed


Running Balance:Running Balance In these ledger accounts a running balance is kept


The second transaction:The second transaction Entries are to be posted to the two general ledger accounts. The ledger account with a running balance will be used for this session.


Slide 10:The posted transaction


The third transaction:The third transaction


The third transaction posted:The third transaction posted


The fourth transaction:The fourth transaction


Slide 14:The fourth transaction posted


The fifth transaction:The fifth transaction


Slide 16:The fifth transaction posted


January 2nd First transaction:January 2nd First transaction


Slide 18:The posted transaction


January 2nd Second Transaction:January 2nd Second Transaction


Slide 20:The second transaction posted


January 2nd Third transaction:January 2nd Third transaction


Slide 22:The third transaction posted


Transactions for January 5th:Transactions for January 5th Post these transactions to the accounts


Slide 24:Transactions for January 12th Post this transaction to the accounts


Slide 25:Enter the transactions for January 13th


Slide 26:Enter the transactions for January 14th


Slide 27:Balance of accounts With all the information posted to the accounts the next step is to prepare the trial balance. The balance on each account is entered and the trial balance prepared.


Trial balance completed:Trial balance completed


End of Session:End of Session Copyright David Hopcroft October 2007