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Chapter 4: Journalizing and Posting Transactions

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by

Amanda Smith

on 14 February 2013

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Transcript of Chapter 4: Journalizing and Posting Transactions

Journalizing and Posting Transactions Information moves sequentially The Flow of information 1. Journal

2. General Ledger

3. Trial Balance Include:
Date
Description
Posting Reference
Debit amount
Credit amount The General Journal Example: Jennie purchased delivery equipment for $1,200 in cash

Delivery Equipment 1,200
Cash 1,2000 Copy the amounts from the journal into the ledger The General Ledger Steps:
1. Enter the date
2. Enter the debit/credit amount
3. Enter the balance in account The Trial Balance Makes sure that the debits and credits are equal Correcting Errors Ruling Method: used when 1. wrong entry made but not posted
2. correct entry made but posted incorrectly Correcting Entry Method: used when an incorrect entry has been posted
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