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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

TERMS REVIEWTERMS REVIEW

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

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

account file maintenance – Procedure for arranging accounts

in a general ledger, assigning account numbers and keeping records current

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

page 95

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

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

Balance columns

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

CHART OF ACCOUNTSCHART OF ACCOUNTS 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

ACCOUNT NUMBERSACCOUNT NUMBERS page 92

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

1. Write the account title.

2. Write the account number.

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

11 22

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

LESSON 4-2LESSON 4-2

Posting Separate Amountsfrom a Journal to aGeneral Ledger

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

8

LESSON 4-2

TERM REVIEWTERM REVIEW

Posting – transferring information from a journal to a ledger

page 99

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 POSTING AN AMOUNT FROM A GENERAL DEBIT COLUMNFROM A GENERAL DEBIT COLUMN page 96

33 5511

2244

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 A SECOND AMOUNT POSTING A SECOND AMOUNT TO AN ACCOUNTTO AN ACCOUNT page 97

335511

22

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.

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 AN AMOUNT POSTING AN AMOUNT FROM A GENERAL CREDIT COLUMNFROM A GENERAL CREDIT COLUMN page 98

33

5511

44

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.

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

LESSON 4-3LESSON 4-3

Posting Column Totalsfrom a Journal to aGeneral Ledger

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 4-3

CHECK MARKS SHOW THAT AMOUNTS CHECK MARKS SHOW THAT AMOUNTS ARE NOT POSTEDARE NOT POSTED page 100

Check mark indicates that amounts ARE NOT posted individually.

Check mark indicates that amounts ARE NOT posted individually.

Check mark indicates that general amount column totals ARE NOT posted.

Check mark indicates that general amount column totals ARE NOT posted.

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 4-3

POSTING THE TOTAL POSTING THE TOTAL OF THE SALES CREDIT COLUMNOF THE SALES CREDIT COLUMN page 101

11

44

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

2. Write the journal page number.

3. Write the column total.

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

2233 55

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 4-3

POSTING THE TOTAL POSTING THE TOTAL OF THE CASH DEBIT COLUMNOF THE CASH DEBIT COLUMN page 102

11

44

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

2. Write the journal page number.

3. Write the column total.

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

225533

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

16

LESSON 4-3

POSTING THE TOTAL POSTING THE TOTAL OF THE CASH CREDIT COLUMNOF THE CASH CREDIT COLUMN page 103

11

44

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

2. Write the journal page number.

3. Write the column total.

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

2255

33

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

LESSON 4-4LESSON 4-4

Completed Accounting Forms and Making Correcting Entries

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 4-4

JOURNAL PAGE JOURNAL PAGE WITH POSTING COMPLETEDWITH POSTING COMPLETED page 105

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 4-4

MEMORANDUM MEMORANDUM FOR A CORRECTING ENTRYFOR A CORRECTING ENTRY page 108

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 4-4

JOURNAL ENTRY JOURNAL ENTRY TO RECORD A CORRECTING ENTRYTO RECORD A CORRECTING ENTRY page 108

44

Source DocumentSource Document

33CreditCredit

11 DateDate 22 DebitDebit

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.

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 4-4

TERM REVIEWTERM REVIEW

correcting entry – journal entry used to correct a previously incorrect entry

page 109


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