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College Board

Open ledger accounts

Execute posting procedures

Create a Trial Balance

Find and correct errors
1.
Write the account name at the
top of the ledger account form
2.
Write the account number on the
ledger account form
1.
Write the accounting name at the top of the
ledger account form
2.
Write the account number on the ledger account
form
3.
Enter the complete date (year, month, and day) in
the date column.
4.
Write the word “BALANCE” in the Description
column.
5.
Place a check mark () in the Post Reference
Column to show the amount entered on this line
is not being posted from a journal.
6. Enter the balance in the appropriate balance
column of the ledger account form.
Usually assets, expenses, and Owner’s Withdrawals
have a Debit balance.
Where as Liabilities, Owner’s Capital , and revenue
accounts have a credit balance
Generally Speaking ~ copy from the journal
1.
Enter the date of the journal entry in the Date
Column of the ledger account. Note: same
format as the journal entry.
2.
Description Column is left blank – unless it is
a special entry; Correcting Error, Balance,
Adjusting Entry, or Closing Entry
3.
Post Reference Column enter the
journal letter and the page number
General Journal = G + page number
Special Journals = next semester
4.
Enter the debit amount in the Debit
Column of the ledger account
5.
Compute and record the new account
balance in the appropriate balance column.
Every amount posted will either increase or
decrease the balance of that account.

REMEMBER TOTALING RULES :
Debit & Debit
= adding
Credit & Credit = adding
Debit & Credit = subtracting
6.
Return to the journal and in the Post
Reference Column enter the ledger account
number of the amount you just posted the
debit part of the journal entry.
7.
Repeat steps 1-6 for the credit entry
By following this process you will be
able to locate where you stopped
And trust me….
You will need to know where you left
off for most of these problems will
not finish in one class period.
Remember NEW Rule:
DEBIT & DEBIT =
CREDIT & CREDIT =
Remember that Rule:
DEBIT & CREDIT =
Opposite words you subtract
(basic math opposite signs you subtract)
Debit Entries from
the General Journal
Added to Balance
Increases (dr + dr)
Notice: the balance
is only on one side
DR & DR =
an increase in the
balance
Credit Entries from
the General Journal
Decreased the Balance
Increases (cr & dr)
Notice: the balance
is only on one side
CR & DR =
decreases the balance
Account Name
DATE: month only
written once 1 time
Date of the month each
time… as shown
Account Number
Post Reference:
Used to indicate where the
information came from…
G = General Journal
# = page number
Entries from the
General Journal
Just copied …
Balance is
ONLY ON
ONE SIDE
1