Posting Now that the transactions have been journalized in the general journal, the next stage in the accounting cycle i

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Posting Now That The Transactions Have Been Journalized In The General Journal The Next Stage In The Accounting Cycle I 1 (262.73 KiB) Viewed 25 times

Posting Now that the transactions have been journalized in the general journal, the next stage in the accounting cycle is to post all general journal entries to the general ledger. Instructions for posting 1) Post the transactions from the general journal to the general ledger accounts. To confirm that the posting has been performed, a posting reference is recorded in the Post Ref. column in the general journal. 2) Record the final unadjusted balance of each ledger account in the Unadjusted Balance row of each ledger, even for ledgers with a balance of zero. Although each ledger already has a running balance, the Unadjusted Balance row must still be filled out in order to receive full points. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. a Additional instructions Displaying selected accounting records: • To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. . There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. . Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. General journal: . For the general journal, in the Post Ref. column you will need to correctly type the account number of the account you are posting to. General ledger: • Some ledger accounts may have blank rows left at the end of this web page. • Each line of a transaction entered into the general journal must be posted as a single line to the corresponding general ledger account. When posting, you must not combine two or more entries in the general journal and post them as a single line of entry into the general ledger. Instead, you must post each line entered into the general journal separately. • When posting a transaction to a ledger account, under the Description column, please type the description of the transaction directly into the field. The exact wording does not matter for grading purposes. For example, it does not matter in an electricity transaction if you type 'Paid for electricity' or Paid electricity bill'. . For each ledger, under the Ref. column, you need to select the correct journal from a list in the drop- down box provided, in order to receive full points. • If the balance of a ledger account is zero you do not need to select a debit or credit from the drop-down box.
GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun 1 Cash 100 120,000 Jun 1 Capital 300 120,000 (capital contribution) Jun 1 Music Equipment 1601 47,000 Jun 1 Cash 100 47,000 (cash purchase of equipment) Jun 1 Cash 1001 210,000 Jun 1 Bank Loan Payable 250 210,000 (received cash loan) Jun 1 Prepaid Rent 1401 10,080 Jun 1 Cash 1001 10,080 (paid for prepaid expense) Jun 3 Office Supplies 130 2.900 Jun 3 Accounts Payable 210 2,900 (credit purchase of office supplies) Jun 3 Telephone Expense 541 180 ww Jun Cash 100 180 (paid telephone expense) Jun 5 Cash 100 4,300 Jun 5 Revenues 400 4,300 (provision of services for cash)
Jun 10 Cash 100 6,300 Jun 10 Unearned Revenue 230 6,300 (revenue received in advance) Jun 11 Accounts Receivable 110 7,000 Jun 11 Revenues 400 7,000 (provision of services on credit) Jun 16 Wages Expense 516 5,100 Jun 16 Cash 100 5,100 (paid staff wages) Jun 18 Cash 100 2,700 Jun 18 Accounts Receivable 110 2,700 (collection of accounts receivable) Jun 20 Withdrawals 350 1,000 Jun 20 Cash 100 1,000 (cash withdrawal by owner) Jun 24 Cash 100 4,100 Jun 24 Revenues 400 4,100 (provision of services for cash) Jun 27 Accounts Payable 210 2,030 Jun 27 Cash 100 2,030 (payment of accounts payable - supplies) Jun 27 Accounts Receivable 110 6,500 Jun 27 Revenues 400 6,500 (provision of services on credit)
GENERAL LEDGER Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance Jun 1 capital GJ 120000 120000 DR Jun 1 music equipment GJ v 47000 73000DR Jun 1||||bank loan payable GJ V 210000 283000| DR Jun 1|| prepaid rent GJ V 10080 272920| DR Jun 3 telephone expense GJV 180 272740| DR Jun 5 revenues GJ V 4300 277040| DR Jun 10 unearned revenue GJ v 6300 283340| DR Jun 16||||wages expense GJ v 5100 278240| DR Jun 18 accounts receivable GJ v 2700 275540| DR Jun 20||||withdrawal GJ v 1000 276540| DR Jun 24 revenues GJ V 4100 272440 DR V Jun 27 accounts payable GJ v 2030 274470| DR Jun Jun 30 Unadjusted Balance 274470| DR Account: Accounts Receivable Account No. 110 Date Description Ref. Debit Credit Balance Jun 11 revenues GJ v 7000 7000 DR v Jun 27 revenues GJ V 6500 13500| DR Jun V Jun V Jun Jun 30 Unadjusted Balance 13500 DR V
Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance Jun 3|||accounts payable GJ v 2900 2900DR Jun Jun Jun 30 Unadjusted Balance 2900| DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance Jun Jun Jun Jun 30 Unadjusted Balance Account: Music Equipment Account No. 160 Date Description Ref. Debit Credit Balance Jun Jun Jun Jun 30 Unadjusted Balance Account: Accounts Payable Account No. 210 Date Description Ref. Debit Credit Balance Jun Jun Jun Jun 30 Unadjusted Balance
Account: Unearned Revenue Account No. 230 Date Description Ref. Debit Credit Balance Jun Jun Jun V Jun 30 Unadjusted Balance Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance Jun Jun Jun Jun 30 Unadjusted Balance Account: Capital Account No. 300 Date Description Ref. Debit Credit Balance Jun Jun Jun Jun 30 Unadjusted Balance Account: Withdrawals Account No. 350 Date Description Ref. Debit Credit Balance Jun Jun Jun V Jun 30 Unadjusted Balance
Account: Revenues Account No. 400 Date Description Ref. Debit Credit Balance Jun Jun Jun Jun V Jun Jun 30 Unadjusted Balance Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance Jun Jun Jun Jun 30 Unadjusted Balance Account: Telephone Expense Account No. 541 Date Description Ref. Debit Credit Balance Jun Jun Jun Jun 30 Unadjusted Balance