Chapter 4 - Posting to a General Ledger

The two steps for opening an account are writing the account title and recording the balance.

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The steps for posting are to write the date, the journal page number, the amount, and the balance.

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The account number is placed in the Post. Ref. column of the journal as the last step in the posting procedure.

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The posting reference should always be recorded in the journal’s Post. Ref. column before amounts are recorded in the ledger.

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A group of accounts is called a ledger.

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The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is known as file maintenance.

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Account numbers may be assigned by 10s so that new accounts can be added easily.

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Errors discovered after an entry is posted may be corrected by ruling through the item.

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The Cash account is the first asset account and is numbered 110.

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When posting is complete, the Post. Ref. column of the journal is completely filled in with account numbers.

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