How to Post Journal Entries to the General Ledger Accounting

Assignment Task

1) Put the following entries in order that they would appear and be posted from the General Journal to the General Ledger.

If there are 2 or more entries on the same day for Debits (put the most liquid first) and

if there are 2 or more entries on the same day for Credits (put the first one due first).

• Ben E. Fit, Capital Cr 90,000

• May 14, Land Dr 10,000

• Cash Cr 2,000

• Cash Cr 35,000

• May 21, Boxing Gloves Dr 2,000

• Boxing Gloves Cr 200

• May 29, Cash Dr 200

• May 30, Note Payable - X.R. Size Co. Dr 2,000

• Building Dr 25,000

• Note Payable - X.R. Size Co. Cr 2,000

• May 7 Cash Dr 90,000

2) When posting from the General Journal to the General Ledger to create an Audit Trail the procedure is done in the following order:

• Enter the amount from the General Journal. If in the Debit column as a Debit amount in the Account and if in the Credit column as a Credit amount in the Account.

• Locate the first entry that does not have a posting reference number in it.

• Go to the next entry and repeat until complete.

• Calculate the Balance of the Account. If there are more Debits than Credits the balance is a Debit and if there are more Credits than Debits the balance is a Credit.

• In the General Ledger enter the Explanation Character for Character into the Account

• Go back to the General Journal and in the Posting Reference column of the General Journal put the Account Number from the General Ledger that the entry was put into.

• Check the first item in the Account Titles and Explanation column of the General Journal and find a matching Account Name in the General Ledger.

• Use the General Journal abbreviation (GJ) and the page number of the General Journal as the Posting Reference in the General Ledger.

This Financial Accounting has been solved by our PhD Experts at My Uni Paper.