Lecture 4-2 - 4-2 Posting from a General Journal to a...

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4-2 Posting from a General Journal to a General Ledger REVIEW: The transaction; Owner Invested $5000. is shown below. GENERAL JOURNAL PAGE 1 Date Account Title Doc. No. Post Ref. Debit Credit 1 Aug 1 CASH R1 110 5000 2 Kim Park, Capital 310 5000 3 3 Supplies C2 150 500 4 CASH 110 500 Now, we’re going to POST the journal transaction above into the appropriate LEDGERS, below. STEP 1. The Cash amount in the general journal above shows a 5000 debit. Therefore, we need to carry that $5000 debit to the LEDGER account below. The date is the same as the Journal. The Item column is left blank. The POST REF column is the General Journal Page Number (G1). The $5000 is placed in the Debit column. Since there is no previous balance, we can assume it was zero. Therefore, a previous balance of zero, plus a $5,000 debit equals a balance of $5000 DEBIT. Lastly, you need to put the cash account number (110) in the Post Ref column in the General Journal (see above). It’s important that you do this last. It shows that you have posted the amount to the appropriate Ledger account.
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