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2b. Post your corrected journal entries to the General Ledger (page of T accounts). There is an example of posting in the Chapter 3 lecture
2b. Post your corrected journal entries to the General Ledger (page of T accounts). There is an example of posting in the Chapter 3 lecture notes and in the textbook Illustration 3.34 on p. 3-29) HINTII! As you transfer each amount from a journal entry to its account in the General Ledger, CHECK IT OFF on the journal entry page. This way, if you get interrupted, you know where you left off!! - Note that there are balances already in some of the accounts-these correspond to the prior month's ending balances shown in Step 1 for the journal entries. These balances are included when finding the balances in Step 3. CASH should have a debit balance of $39,940 You should see 5 debits and 8 credits. - Also note that there are a lot more accounts than we have used so far. We will use every one of them by the end of the accounting cycle. 2c. Then find the balance in each account (add up debits and add up credits and find the difference). - Every account should show its normal balance, so Assets would have a debit balance, Liabilities would have a credit balance, and so forth. 2b. Post your corrected journal entries to the General Ledger (page of T accounts). There is an example of posting in the Chapter 3 lecture notes and in the textbook Illustration 3.34 on p. 3-29) HINTII! As you transfer each amount from a journal entry to its account in the General Ledger, CHECK IT OFF on the journal entry page. This way, if you get interrupted, you know where you left off!! - Note that there are balances already in some of the accounts-these correspond to the prior month's ending balances shown in Step 1 for the journal entries. These balances are included when finding the balances in Step 3. CASH should have a debit balance of $39,940 You should see 5 debits and 8 credits. - Also note that there are a lot more accounts than we have used so far. We will use every one of them by the end of the accounting cycle. 2c. Then find the balance in each account (add up debits and add up credits and find the difference). - Every account should show its normal balance, so Assets would have a debit balance, Liabilities would have a credit balance, and so forth
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