Lecture 4 - ACCT 1001 ACCOUNTING 1A WEEK 4 GENERAL LEDGERS...

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1 ACCT 1001 - ACCOUNTING 1A WEEK 4 - GENERAL LEDGERS AND THE TRIAL BALANCE Lecturer: Abdul Razeed REQUIRED READING: CHAPTER 2 * Thanks to John Wiley & Sons for their kind permission in the use of some of the material from Carlon et.al.(2009) in these slides Review – Week 2 1. Identify source documents and business transactions 2. Analyse the effect of accounting transactions 3. Explain the role of a general journal. Use it to record accounting transactions 4. Define debits and credits and their role in recording transactions Learning Objectives – Week 4 1. Explain the role of a general ledger in the recording process 2. Explain the posting process and post journal entries using both “T-Account” and “Running balance” general ledger formats 3. Prepare a trial balance and explain its purpose Accounting Cycle Source Documents Journal Entries General Journal General Ledger Trial Balance Adjusting Entries Adjusted Trial Balance Financial Statements Closing Entries Trial Balance General Ledger • A General Journal is useful for capturing transactions • Hundreds of transactions including purchases, sales, expenses, cash receipts, cash payments etc • Difficult to ascertain the collective amounts of cash collected, cash paid, sales revenue, expenses etc during the year • The General Ledger accumulates all the information about changes in specific accounts such as Sales Revenue, Cash and Wages Expenses • General ledger is a record of all accounts and transactions that involve these accounts 6 The general ledger • Contains all asset, liability and equity accounts Equipment Interest Payable Salaries Expense Individual
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This note was uploaded on 08/22/2011 for the course FINC 2011 taught by Professor Craigmellare during the Three '10 term at University of Sydney.

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Lecture 4 - ACCT 1001 ACCOUNTING 1A WEEK 4 GENERAL LEDGERS...

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