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Journalizing and Posting Transactions ch 2

Journalizing and Posting Transactions ch 2 - Chapter 2 1...

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Chapter 2 1. Journalizing and Posting Transactions 1. Journal : gives a complete record of each transaction in one place; also shows debits and credits for each transaction 2. Journalizing : the process of recording transactions in a journal 3. Posting : the process of transferring journal entry information to the ledger 4. Journalizing Transactions 1. General journal : used to record a transaction and includes the following-date of transaction, titles of affected accounts, dollar amount of each debit and credit, and explanation of the transaction 2. Posting referring (PR) column : left blank at first; later, when posting entries to the ledger, the identification numbers of the individual ledger accounts are entered in 5. Balance Column Account : shows the normal balance for each account 6. Posting Journal Entries 1. 1) Identify the ledger account that is debited in the entry; then, in the ledger, enter the entry date, the journal and page in its PR column, the debit amount, and the new balance of the ledger account 2.
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