acct. terms

Journal (general journal):
is used to record accounting transactions by date, such as:
debit entertainment expense
credit cash

Ledger (subsidiary ledger):
is used to record the details of certain high volume transactions so that only the summaries are posted to the general journal. For example daily receipt of accounts receivable payments from individual customers are recorded in the Accounts Receivable sub-ledger, and at the end of the day, one set of entries containing the totals (sum of all customers) is posted to the general journal:
Dr Bank
Cr Accounts Receivable

General Ledger:
is organized by GL (general ledger) account, and contains the beginning balance of a month, and the daily net changes for that account, as well as the ending balance at month end.

Trail Balance:
is the complete set of ending balances of all the general ledger accounts at a particular date. Since the general ledger contains all the accounts which operate on a double entry basis, the trail balance is expected to be balanced (i.e. all the debit and credit totals add to zero, when we treat a credit balance as a negative number).

The posting sequence is:
1) where applicable, Subsidiary Ledger
2) General Journal
3) General Ledger
4) Trial Balance

The whole chain of events is called the accounting cycle. After the trail balance, all the P&L (profit and loss) accounts are posted to the Income Statement, and all the Assets and Liability accounts, together with the net total from the Income Statement, are posted to the Balance Sheet.

2009-04-25 08:23:04 補充：
The General Ledger has 2 formats:
(A) The Summary General Ledger as described in (3) above.
(B) The Detailed General Ledger, which contains, for each account:
the beginning balance for a month, detailed journal transactions for the month, net change for the month, cumulative account balance.

2009-04-30 03:01:52 補充：
回應 examples 要求。

假設 明仔獨資私人 (proprietorship) 响屋企賣手機，交機後一個月內收錢。用 10,000元入貨，賣咗五部共 5,000元 , 成本 4,000元，收咗一部機錢，總共 1000元。

2009-04-30 03:03:21 補充：
(1) General Journal
2009-02-02 Dr Bank 10,000 Capital from owner
2009-02-02 Cr Capital -10,000 Capital from owner

2009-02-07 Dr Inventory 10,000 Purchases
2009-02-07 Cr Bank -10,000 Purchases

2009-04-30 03:09:46 補充：
(2) Sales Ledger
2009-02-09 John Chan Sony Model A 1200
2009-02-09 Amy Wong Sony Model B 800
2009-02-09 John Chan Sony Model C 1000

2009-04-30 03:10:06 補充：
(3) General Journal
2009-02-09 Dr Accounts Receivable 3,000 Posted from Sales Ledger
2009-02-09 Cr Sales -3,000 Posted from Sales Ledger

2009-04-30 03:15:55 補充：
(4) Sales Ledger
2009-02-12 Judy Sung Sony Model X 1300
2009-02-12 James Koo Sony Model Y 700

(3) General Journal
2009-02-12 Dr A/R 2,000 Posted from Sales Ledger
2009-02-12 Cr Sales -2,000 Posted from Sales Ledger

2009-04-30 03:20:29 補充：
the second (3) above should be (5)

(6) Accounts Receivable Ledger
2009-02-15 John Chan 1000

(7) General Journal
2009-02-15 Dr Bank 1,000 Posted from A/R Ledger
2009-02-15 Cr A/R -1,000 Posted from A/R Ledger

2009-04-30 03:30:30 補充：
(8) Post to General Ledger

Account: #100 Bank
Beg Month bal: 0
2009-02-02 10,000 Capital from owner
2009-02-07 -10,000 Purchases
End Balance: 0

Account: #500 Capital
Beg Month bal: 0
2009-02-02 Cr Capital -10,000 Capital from owner
End Balance: -10,000

2009-04-30 04:06:38 補充：
Account: #200 Inventory
Beg Month bal: 0
2009-02-07 Dr Inventory 10,000 Purchases
End Balance: 10,000

Account: #600 Sales
Beg Month bal: 0
2009-02-09 -3,000 Posted from Sales Ledger
2009-02-12 -2,000 Posted from Sales Ledger
End Balance: -5,000

2009-04-30 04:31:43 補充：
Account: #150 Accounts Receivable
Beg Month bal: 0
2009-02-09 3,000 Posted from Sales Ledger
2009-02-12 2,000 Posted from Sales Ledger
2009-02-15 -1,000 Posted from A/R Ledger
End Balance: 4,000

2009-04-30 04:31:57 補充：
改正
Account: #100 Bank
Beg Month bal: 0
2009-02-02 10,000 Capital from owner
2009-02-07 -10,000 Purchases
2009-02-15 1,000 Posted from A/R Ledger
End Balance: 1,000

2009-04-30 04:37:56 補充：
(9) Trial Balance as at Feb.28, 2009

Account 100 Bank 1,000
Account 150 A/R 4,000
Account 200 Inventory 10,000
Account 500 Capital -10,000
Account 600 Sales -5,000
balance 0

2009-04-30 04:43:54 補充：
*以上未包括月結的 Cost of Sales Entry:

2009-02-28 Dr Cost of Goods Sold 4,000 Cost of Sales for February
2009-02-28 Cr Inventory -4,000 Cost of Sales for February