LESSON9-3 Posting from a Purchases Journal

LESSON9-3 Posting from a Purchases Journal

LESSON Learning Objectives 9-3 Posting from a Purchases Journal LO7 Post merchandise purchases to an accounts payable ledger and a general ledger. Gilbertson, Century 21 Accounting General Journal, 11 Edition. 2019 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Lesson 9-3 Posting from a Purchases Journal to an Accounts Payable Ledger LO7 1 2

3 5 4 1. Write the date in the Date column of the vendor account. 2. Write the journal page number in the Post. Ref. column of the account. 3. Write the credit amount in the Credit column of the vendor account. 4. Add the amount in the Credit column to the previous balance in the Credit Balance column and write the new account balance in the Credit Balance column. 5. Write the vendor number in the Post. Ref. column of the journal. Gilbertson, Century 21 Accounting General Journal, 11 Edition. 2019 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. SLIDE 2 Lesson 9-3 Totaling and Ruling a Purchases Journal LO7

5 2 Date 3 Total 1 Single Rule 4 Total Column Total Amount 6 Double Rule Gilbertson, Century 21 Accounting General Journal, 11 Edition. 2019 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. SLIDE 3 Lesson 9-3

Posting the Total of a Purchases Journal to a General Ledger LO7 1 2 3 5 4 1 Date Journal Number 2

3 Debit or Credit Gilbertson, Century 21 Accounting General Journal, 11 Edition. 2019 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Account 5 Number 4 Account Balance SLIDE 4 Lesson 9-3 Lesson 9-3 Audit Your Understanding 1. Why should a business frequently post from the purchases journal to the accounts payable ledger? ANSWER

Posting frequently to the accounts payable ledger helps ensure that vendor accounts are paid on time and that the business can continue purchasing goods and services on account. Gilbertson, Century 21 Accounting General Journal, 11 Edition. 2019 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. SLIDE 5 Lesson 9-3 Lesson 9-3 Audit Your Understanding 2. Why is it important to record a posting reference in the accounts payable ledger? ANSWER It provides an audit trail that allows an employee to trace the transaction back to the journal and page number. Gilbertson, Century 21 Accounting General Journal, 11 Edition. 2019 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

SLIDE 6 Lesson 9-3 Lesson 9-3 Audit Your Understanding 3. Why is the vendor number written in the Post. Ref. column of the purchases journal? ANSWER To provide an audit trail to the account where the transaction was posted Gilbertson, Century 21 Accounting General Journal, 11 Edition. 2019 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. SLIDE 7

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