Posting to General and Subsidiary Ledgers Accounting I

Posting to General and Subsidiary Ledgers Accounting I Chapter 11

Accounts Payable Ledger Each account name has a ledger very similar to Chapter 4 Chart of Accounts • Subsidiary ledger-ledger that is summarized in a single general ledger account • Accounts payable ledger-subsidiary ledger containing only accounts for vendors from whom merchandise is purchased on account • Accounts receivable ledger-subsidiary ledger containing only accounts for charge customers

Accounts Payable ledger • Controlling account-account in a general ledger that summarizes all accounts in a subsidiary ledger • Vendor numbers are assigned to each account • First digit = division in the general ledger • Second two digits = show location within subsidiary ledger • Schedule of accounts payable-listing of vendor accounts, account balances, and total amount due all vendors

Steps 11 -1 1. Write the vendor name on the vendor line 2. 3. 4. 5. 6. 1. Regal Designs Write the vendor number on the vendor # line 1. 240 Write the date (October 1, 2017) Write the word balance in the item column Place a in the post ref column Write the balance in credit balance column 1. $877. 00

Assignments 11 - 1 • 11 -1 on your own pg. 306

Instructions • Get out your Work Together 11 -1 from yesterday • Get ready to take notes

Accounts Receivable Ledger • Shows accounts of customers who owe a business money • Each customer is assigned a customer number • Schedule of accounts receivable-listing of all customer accounts, account balances, and total amount due from all customers

Assignments • 11 -2 work together and • 11 -3 work together Assignments I s 11 -2 and 11 -3 on your own

Instructions • Get a book and calculator • Get out your Work Together 11 -1, 11 -2, and 11 -3 • Get ready to take notes (1 slide)

Posting from Special Journals • Journals should be posted in the following order: • • • 1. Sales journal 2. Purchases journal 3. General journal 4. Cash receipts journal 5. Cash payments journal