Accounting 1
Lesson Plans
Strand 4
Students will identify and use source documents to journalize transactions, post journal entries to the ledger, and prepare a trial balance.
Standard 2
Define and explain the purpose of the general journal and journalize business transactions.
-
Accounting -- Posting to General and Subsidiary Ledgers
Introduce general ledgers, and the need for subsidiary ledgers for a partnership set up as a merchandising business. Introduction of the need for subsidiary ledgers for accounts payable and accounts receivable accounts. Discussion of controlling accounts, the balance of a controlling account and its relationship to the individual subsidiary ledger. Review of posting the journal's general column entries to their general ledgers, posting the journal 's special column totals for sales, sales tax, purchases debit, and cash to their general ledgers. In addition to posting journal entries totals of A/P and A/R columns, the individual entries related to the A/P and A/R accounts that need to be posted individually to their individual subsidiary ledgers. Introduction of how to prove the accuracy of the subsidiary A/R ledgers by preparing a schedule of A/R and proving the accuracy of the subsidiary A/P ledgers by preparing a schedule of A/P. Then as a final step how to prepare a trial balance to prove that debits equal credits.
http://www.uen.org - in partnership with Utah State Board of Education
(USBE) and Utah System of Higher Education
(USHE). Send questions or comments to USBE
Specialist -
Racheal
Routt
and see the CTE/Business, Finance and Marketing website. For
general questions about Utah's Core Standards contact the Director
-
THALEA
LONGHURST.
These materials have been produced by and for the teachers of the
State of Utah. Copies of these materials may be freely reproduced
for teacher and classroom use. When distributing these materials,
credit should be given to Utah State Board of Education. These
materials may not be published, in whole or part, or in any other
format, without the written permission of the Utah State Board of
Education, 250 East 500 South, PO Box 144200, Salt Lake City, Utah
84114-4200.