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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 LESSON 4-1 Preparing a Chart of Accounts

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Page 1: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 4-1LESSON 4-1

Preparing a Chart of Accounts

Page 2: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

2

LESSON 4-1

RELATIONSHIP OF A T ACCOUNT RELATIONSHIP OF A T ACCOUNT TO AN ACCOUNT FORMTO AN ACCOUNT FORM page 91

Balance columns

Page 3: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

3

LESSON 4-1

CHART OF ACCOUNTSCHART OF ACCOUNTS page 92

Page 4: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

4

LESSON 4-1

ACCOUNT NUMBERSACCOUNT NUMBERS page 92

Page 5: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

5

LESSON 4-1

1. Write the account title after the word Account in the heading.

2. Write the account number after the words Account No. in the heading.

OPENING AN ACCOUNT OPENING AN ACCOUNT IN A GENERAL LEDGERIN A GENERAL LEDGER page 94

11 22

Page 6: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

6

LESSON 4-1

TERMS REVIEWTERMS REVIEW

Ledger – a group of accounts general ledger – a ledger that contains all accounts

needed to prepare financial statements account number – the number assigned to an

account

page 95

Page 7: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

7

LESSON 4-1

TERMS REVIEWTERMS REVIEW

file maintenance – the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current

opening an account – writing an account title and number on the heading of an account

page 95

Page 8: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 4-2LESSON 4-2

Posting from a General Journal to a General Ledger

Page 9: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

9

LESSON 4-2

1. Write the date. 4. Write the new account balance.

2. Write the journal page number.

3. Write the debit amount.

5. Return to the journal and write the account number.

POSTING AN AMOUNT FROM THE DEBIT POSTING AN AMOUNT FROM THE DEBIT COLUMN OF A GENERAL JOURNALCOLUMN OF A GENERAL JOURNAL page 96

11

44

22

33

55

Page 10: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

10

LESSON 4-2

POSTING AN AMOUNT FROM THE CREDIT POSTING AN AMOUNT FROM THE CREDIT COLUMN OF A GENERAL JOURNALCOLUMN OF A GENERAL JOURNAL page 97

11

1. Write the date. 4. Write the new account balance.

2. Write the journal page number.

3. Write the credit amount.

5. Return to the journal and write the account number.

44

22

33

55

Page 11: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

11

LESSON 4-2

POSTING A DEBIT AMOUNT TO AN POSTING A DEBIT AMOUNT TO AN ACCOUNT WITH A DEBIT BALANCEACCOUNT WITH A DEBIT BALANCE page 98

33

55

11

44

1. Write the date. 4. Write the new account balance.

2. Write the journal page number.

3. Write the debit amount.

5. Return to the journal and write the account number.

22

Page 12: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

12

LESSON 4-2

POSTING A DEBIT AMOUNT TO AN POSTING A DEBIT AMOUNT TO AN ACCOUNT WITH A CREDIT BALANCEACCOUNT WITH A CREDIT BALANCE page 99

1. Write the date. 4. Write the new account balance.

2. Write the journal page number.

3. Write the debit amount.

5. Return to the journal and write the account number.

33

55

11

44

22

Page 13: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

13

LESSON 4-2

JOURNAL PAGE WITH POSTING JOURNAL PAGE WITH POSTING COMPLETEDCOMPLETED

(continued on next slide)

page 100

Page 14: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

14

LESSON 4-2

JOURNAL PAGE WITH POSTING JOURNAL PAGE WITH POSTING COMPLETEDCOMPLETED page 100

(continued from previous slide)

Page 15: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

15

LESSON 4-2

TERM REVIEWTERM REVIEW

Posting – transferring information from a journal entry to a ledger account

page 101

Page 16: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 4-3LESSON 4-3

Completed General Ledger, Proving Cash, and Making Correcting Entries

Page 17: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

17

LESSON 4-3

GENERAL LEDGER WITH POSTING GENERAL LEDGER WITH POSTING COMPLETEDCOMPLETED page 102

(continued on next slide)

Page 18: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

18

LESSON 4-3

GENERAL LEDGER WITH POSTING GENERAL LEDGER WITH POSTING COMPLETEDCOMPLETED page 103

(continued on next slide)

Page 19: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

19

LESSON 4-3

GENERAL LEDGER WITH POSTING GENERAL LEDGER WITH POSTING COMPLETEDCOMPLETED page 103

(continued on next slide)

Page 20: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

20

LESSON 4-3

GENERAL LEDGER WITH POSTING GENERAL LEDGER WITH POSTING COMPLETEDCOMPLETED page 104

(continued on next slide)

Page 21: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

21

LESSON 4-3

GENERAL LEDGER WITH POSTING GENERAL LEDGER WITH POSTING COMPLETEDCOMPLETED page 104

(continued on next slide)

Page 22: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

22

LESSON 4-3

GENERAL LEDGER WITH POSTING GENERAL LEDGER WITH POSTING COMPLETEDCOMPLETED page 105

(continued on next slide)

Page 23: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

23

LESSON 4-3

GENERAL LEDGER WITH POSTING GENERAL LEDGER WITH POSTING COMPLETEDCOMPLETED page 105

(continued from previous slide)

Page 24: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

24

LESSON 4-3

PROVING CASHPROVING CASH page 106

Page 25: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

25

LESSON 4-3

MEMORANDUM MEMORANDUM FOR A CORRECTING ENTRYFOR A CORRECTING ENTRY page 106

Page 26: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

26

LESSON 4-3

November 13. Discovered that a payment of cash for advertising in October was journalized and posted in error as a debit to Miscellaneous Expense instead of Advertising Expense, $140.00. Memorandum No. 15.

JOURNAL ENTRY JOURNAL ENTRY TO RECORD A CORRECTING ENTRYTO RECORD A CORRECTING ENTRY page 107

44 Source DocumentSource Document

33CreditCredit

11 DateDate22 DebitDebit

Page 27: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

27

LESSON 4-3

TERMS REVIEWTERMS REVIEW

proving cash – determining that the amount of cash agrees with the accounting records

correcting entry – a journal entry made to correct an error in the ledger

page 108


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