Learning Objectives LO7 Post merchandise purchases to an accounts payable ledger and a general...
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Learning Objectives LO7 Post merchandise purchases to an accounts payable ledger and a general ledger. Lesson 9-3 Posting from a Purchases Journal
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1. 1.Write the date in the Date column of the vendor account Add the amount in the Credit column to the previous balance in the Credit Balance column and write the new account balance in the Credit Balance column Write the journal page number in the Post. Ref. column of the account Write the credit amount in the Credit column of the vendor account. SLIDE 3 LO7 Lesson Write the vendor number in the Post. Ref. column of the journal
Transcript of Learning Objectives LO7 Post merchandise purchases to an accounts payable ledger and a general...
Learning Objectives
LO7 Post merchandise purchases to an accounts payable ledger and a general ledger.
Lesson 9-3 Posting from a Purchases Journal
Each entry in the purchases journal affects the account of the vendor named in the Account Credited column◦ Posting frequently helps ensure that vendor
accounts are paid on time When several journals are used, an
abbreviation is used to show from which journal the posting is made◦ P is the abbreviation for the Purchases Journal
SLIDE 2
Posting from a Purchases Journal to an Accounts Payable LedgerLO
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Lesson 9-3
1. Write the date in the Date column of the vendor account.
4. Add the amount in the Credit column to the previous balance in the Credit Balance column and write the new account balance in the Credit Balance column.
2. Write the journal page number in the Post. Ref. column of the account.3. Write the credit amount in the Credit column of the vendor account.
Posting from a Purchases Journal to an Accounts Payable Ledger
SLIDE 3
LO7
Lesson 9-3
5. Write the vendor number in the Post. Ref. column of the journal.
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SLIDE 4
Totaling and Ruling a Purchases Journal LO
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1 Single Rule
5 TotalAmount
2 Date 6 Double Rule
4 Total Column
3 Total
Lesson 9-3
SLIDE 5
Posting the Total of a Purchases Journal to a General LedgerLO
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2Journal Number
5 Account Number
1Date
4 Account Balance3 Debit or Credit
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31 2
Lesson 9-3
SLIDE 6
Lesson 9-3 Work TogetherPost the transactions from purchases journal to AP ledger
Lesson 9-2
SLIDE 7
Lesson 9-2
Lesson 9-3 Work TogetherPost the transactions from purchases journal to AP ledger
SLIDE 8
Lesson 9-2
Lesson 9-3 Work TogetherPost the transactions from purchases journal to AP ledger
SLIDE 9
Lesson 9-2
Lesson 9-3 Work TogetherTotal and rule the purchases journal
SLIDE 10
Lesson 9-2
Lesson 9-3 Work TogetherPost the purchases journal to the general ledger
SLIDE 11
Lesson 9-2
Lesson 9-3 Work TogetherPost the purchases journal to the general ledger
1. Why should a business frequently post from the purchases journal to the accounts payable ledger?
SLIDE 12
Lesson 9-3 Audit Your Understanding
ANSWERPosting frequently to the accounts payable ledger helps ensure that vendor accounts are paid on time and that the business can continue purchasing goods and services on account.
Lesson 9-3
2. Why is it important to record a posting reference in the accounts payable ledger?
SLIDE 13
Lesson 9-3 Audit Your Understanding
ANSWERIt provides an audit trail that allows an employee to trace the transaction back to the journal and page number.
Lesson 9-3
3. Why is the vendor number written in the Post. Ref. column of the purchases journal?
SLIDE 14
Lesson 9-3 Audit Your Understanding
ANSWERTo provide an audit trail to the account where the transaction was posted
Lesson 9-3
