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Posting to General and Subsidiary Ledgers

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Review of general ledgers, introduction of 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 journals 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.

A	B
Ledger	A group of accounts.
General Ledger	A ledger that contains all accounts needed to prepare financial statements.
Account Number	The number assigned to an account.
File Maintenance	The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
Opening an Account	Writing an account title and number on the heading of an account.
Posting	Transferring information from a journal entry to a ledger account.
Assets, Liabilities and Owner's Equities	The balance sheet accounts.
Revenue and Expenses	The income statement accounts.
Subsidiary ledger	A ledger that is summarized in a single general ledger account.
Accounts payable ledger	A subsidiary ledger containing only account for vendors from whom items are purchased or bought on account.
Accounts receivable ledger	A subsidiary ledger containing only account for charge customers.
Controlling account	An account in a general ledger summarizes all accounts in a subsidiary ledger.
Schedule of accounts payable	A listing of vendor accounts, account balances, and total amount due all vendors.
Schedule of accounts receivable	A listing of customer accounts, account balances, and total amount due from all customers.

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