The Matching Concept and the Adjusting Process

67 

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(1)

The Matching Concept

and the Adjusting

Process

6542– SRI HANDAYANI, SE, MM, MAk, CPMA

PROGRAM STUDI MANAJEMEN & AKUNTANSI FAKULTAS EKONOMI DAN BISNIS

UNIVERSITAS ESA UNGGUL

FEB103

PENGANTAR

AKUNTANSI I +

LAB

(2)

Mahasiswa mampu melakukan

pencatatan berdasarkan konsep

penandingan (

Matching concept

) dan

proses penyesuaian dalam akuntansi

TKT306 - Perancangan Tata Letak Fasilitas 6623 - Taufqur Rachman 2

(3)

Chapter

3

The Matching Concept

and the Adjusting

Process

Accounting,

21

st

Edition

Warren Reeve Fess

PowerPoint Presentation by Douglas Cloud

Professor Emeritus of Accounting Pepperdine University

© Copyright 2004 South-Western, a division of Thomson Learning. All rights reserved.

(4)

Chapter

4

Completing the

Accounting Cycle

Financial and Managerial Accounting

8th Edition

Warren Reeve Fess

PowerPoint Presentation by Douglas Cloud

Professor Emeritus of Accounting Pepperdine University

© Copyright 2004 South-Western, a division of Thomson Learning. All rights reserved.

Task Force Image Gallery clip art included in this electronic presentation is used with the

(5)

Some of the action has been automated, so

click the mouse when you see this

lightning bolt in the lower right-hand

corner of the screen. You can point and

click anywhere on the screen.

Some of the action has been automated, so

click the mouse when you see this

lightning bolt in the lower right-hand

corner of the screen. You can point and

(6)

1.

Review the seven basic steps of the

accounting cycle.

2.

Prepare a work sheet.

3.

Prepare fnancial statements from a

work sheet.

4.

Prepare adjusting and closing entries

from a work sheet.

5.

Explain what is meant by the fscal year

and the natural business year.

6.

Analyze and interpret the fnancial

solvency of a business by computing

working capital and the current ratio.

Objectives

Objectives

After studying this

chapter, you should

be able to:

After studying this

chapter, you should

(7)

Seven Basic Steps of the

Accounting Cycle

Seven Basic Steps of the

Accounting Cycle

1.

Transactions are analyzed and recorded in the

journal.

2.

Transactions are posted to the ledger.

3.

A trial balance is prepared, adjustment data are

assembled, and an optional work sheet is completed.

4.

Financial statements are prepared.

5.

Adjusting entries are journalized and posted.

6.

Closing entries are journalized and posted.

(8)

Assets are commonly divided into classes

and that two of these classes are current

assets and property, plant, and equipment.

Assets are commonly divided into classes

(9)

That’s correct. Cash and other

assets that are expected to be

converted into cash, sold, or used

up usually in less than a year are

current assets.

That’s correct. Cash and other

assets that are expected to be

converted into cash, sold, or used

(10)

For example?

For example?

Well… besides cash, there’s

notes receivable, accounts

receivable, supplies, and other

prepaid items.

Well… besides cash, there’s

notes receivable, accounts

receivable, supplies, and other

(11)

So, assets that have a life

over a year are listed under

property, plant, and

equipment.

So, assets that have a life

over a year are listed under

property, plant, and

equipment.

There are some exceptions, but

that’s basically correct. Assets such

as office equipment, machinery,

buildings, and land would appear

under that heading.

There are some exceptions, but

that’s basically correct. Assets such

as office equipment, machinery,

buildings, and land would appear

(12)

Liabilities due usually within one

year or less and that are to be paid

out of current assets are called

current liabilities.

Liabilities due usually within one

year or less and that are to be paid

out of current assets are called

current liabilities.

Ö

Accounts payable

Ö

Wages payable

(13)

Liabilities not due for

more than a year usually

are

long-term liabilities.

Liabilities not due for

more than a year usually

are

long-term liabilities.

Mortgage note

payable

(14)

The work sheet is a useful device

for understanding the flow of

accounting data from the

unadjusted trial balance to the

financial statements.

The work sheet is a useful device

for understanding the flow of

accounting data from the

unadjusted trial balance to the

(15)

The Work Sheet

Trial Balance

Accounts

Dr

Cr

Dr

Cr

Dr

Cr

Adjustments

Adjusted TB

Prepared from the general ledger.

Accounts are listed in the following

order: assets, liabilities,

stockholders’ equity, revenues, and

expenses.

Prepared from the general ledger.

Accounts are listed in the following

order: assets, liabilities,

(16)

Adjustments are entered here. Two

possibilities:

1. Deferrals – Existing balances are

changed.

2. Accruals – New information is

entered.

Adjustments are entered here. Two

possibilities:

1. Deferrals – Existing balances are

changed.

2. Accruals – New information is

entered.

Trial Balance

Accounts

Dr

Cr

Dr

Cr

Dr

Cr

(17)

The Work Sheet

Adjustments are combined with

the trial balance. Account

balances are now adjusted.

Adjustments are combined with

the trial balance. Account

balances are now adjusted.

Trial Balance

Accounts

Dr

Cr

Dr

Cr

Dr

Cr

(18)

Cash 2,065

Accounts Receivable 2,220

Supplies 2,000

Prepaid Insurance 2,400

Land 20,000

Office Equipment 1,800

Accounts Payable 900

Unearned Rent 360

Capital Stock 25,000

Dividends 4,000

Fees Earned 16,340

Wages Expense 4,275

Rent Expense 1,600

Utilities Expense 985

Supplies Expense 800

Miscellaneous Expense 455

42,600 42,600

Account Title Debit Credit Debit Credit Debit Credit Adjusted

Trial Balance Adjustments Trial Balance

NetSolutions

Work Sheet

For the Two Months Ended December 31, 2005

The Unadjusted

Trial Balance

(19)

(a) The

Supplies

account has a debit of

$2,000. A count of supplies at the end of

the period reveals that $760 is on hand.

Therefore, $1,240 in supplies was used

during the two-month period.

(a) The

Supplies

account has a debit of

(20)

Cash 2,065

Accounts Receivable 2,220

Supplies 2,000

Prepaid Insurance 2,400

Land 20,000

Office Equipment 1,800

Accounts Payable 900

Unearned Rent 360

Capital Stock 25,000

Dividends 4,000

Fees Earned 16,340

Wages Expense 4,275

Rent Expense 1,600

Utilities Expense 985

Supplies Expense 800

Miscellaneous Expense 455

42,600 42,600

Account Title Debit Credit Debit Credit Debit Credit Adjusted

Trial Balance Adjustments Trial Balance

NetSolutions

Work Sheet

For the Two Months Ended December 31, 2005

(21)

(b)The

Prepaid Insurance

account has a

debit balance of $2,400, which

represents prepayment of insurance for

24 months beginning December 1.

Thus, the insurance expense for this

month is $100 ($2,400 ÷ 24).

(b)The

Prepaid Insurance

account has a

debit balance of $2,400, which

represents prepayment of insurance for

24 months beginning December 1.

(22)

Cash 2,065

Accounts Receivable 2,220

Supplies 2,000 (a) 1,240

Prepaid Insurance 2,400

Land 20,000

Office Equipment 1,800

Accounts Payable 900

Unearned Rent 360

Capital Stock 25,000

Dividends 4,000

Fees Earned 16,340

Wages Expense 4,275

Rent Expense 1,600

Utilities Expense 985

Supplies Expense 800 (a) 1,240

Miscellaneous Expense 455

42,600 42,600

Account Title Debit Credit Debit Credit Debit Credit Adjusted

Trial Balance Adjustments Trial Balance

NetSolutions

Work Sheet

For the Two Months Ended December 31, 2005

1

Accounts are added as needed.

(23)

(c) The

Unearned Rent

account has a credit

balance of $360, which represents the

receipt of three-months’ rent beginning

with December 1. Thus, the rent revenue

for December is $120.

(c) The

Unearned Rent

account has a credit

balance of $360, which represents the

receipt of three-months’ rent beginning

with December 1. Thus, the rent revenue

for December is $120.

(24)

Cash 2,065

Accounts Receivable 2,220

Supplies 2,000 (a) 1,240

Prepaid Insurance 2,400 (b) 100

Land 20,000

Office Equipment 1,800

Accounts Payable 900

Unearned Rent 360

Capital Stock 25,000

Dividends 4,000

Fees Earned 16,340

Wages Expense 4,275

Rent Expense 1,600

Utilities Expense 985

Supplies Expense 800 (a) 1,240

Miscellaneous Expense 455

42,600 42,600

Account Title Debit Credit Debit Credit Debit Credit Adjusted

Trial Balance Adjustments Trial Balance

NetSolutions

Work Sheet

For the Two Months Ended December 31, 2005

(25)

(d) Wages accrued but not paid at

the end of December total $250.

(26)

Cash 2,065

Accounts Receivable 2,220

Supplies 2,000 (a) 1,240

Prepaid Insurance 2,400 (b) 100

Land 20,000

Office Equipment 1,800

Accounts Payable 900

Unearned Rent 360 (c) 120

Capital Stock 25,000

Dividends 4,000

Fees Earned 16,340

Wages Expense 4,275

Rent Expense 1,600

Utilities Expense 985

Supplies Expense 800 (a) 1,240

Miscellaneous Expense 455

42,600 42,600

Account Title Debit Credit Debit Credit Debit Credit Adjusted

Trial Balance Adjustments Trial Balance

NetSolutions

Work Sheet

For the Two Months Ended December 31, 2005

(27)

(e) Fees accrued at the end of

December, but not recorded, total

$500.

(e) Fees accrued at the end of

(28)

Cash 2,065

Accounts Receivable 2,220

Supplies 2,000 (a) 1,240

Prepaid Insurance 2,400 (b) 100

Land 20,000

Office Equipment 1,800

Accounts Payable 900

Unearned Rent 360 (c) 120

Capital Stock 25,000

Dividends 4,000

Fees Earned 16,340

Wages Expense 4,275 (d) 250

Rent Expense 1,600

Utilities Expense 985

Supplies Expense 800 (a) 1,240

Miscellaneous Expense 455

42,600 42,600

Account Title Debit Credit Debit Credit Debit Credit Adjusted

Trial Balance Adjustments Trial Balance

NetSolutions

Work Sheet

For the Two Months Ended December 31, 2005

(29)

(f) Depreciation of the office

equipment is $50 for December.

(f) Depreciation of the office

(30)

Cash 2,065

Accounts Receivable 2,220 (e) 500

Supplies 2,000 (a) 1,240

Prepaid Insurance 2,400 (b) 100

Land 20,000

Office Equipment 1,800

Accounts Payable 900

Unearned Rent 360 (c) 120

Capital Stock 25,000

Dividends 4,000

Fees Earned 16,340 (e) 500

Wages Expense 4,275 (d) 250

Rent Expense 1,600

Utilities Expense 985

Supplies Expense 800 (a) 1,240

Miscellaneous Expense 455

42,600 42,600

Account Title Debit Credit Debit Credit Debit Credit Adjusted

Trial Balance Adjustments Trial Balance

NetSolutions

Work Sheet

For the Two Months Ended December 31, 2005

(31)

Cash 2,065

Accounts Receivable 2,220 (e) 500

Supplies 2,000 (a) 1,240

Prepaid Insurance 2,400 (b) 100

Land 20,000

Office Equipment 1,800

Accounts Payable 900

Unearned Rent 360 (c) 120

Capital Stock 25,000

Dividends 4,000

Fees Earned 16,340 (e) 500

Wages Expense 4,275 (d) 250

Rent Expense 1,600

Utilities Expense 985

Supplies Expense 800 (a) 1,240

Miscellaneous Expense 455

42,600 42,600

Account Title Debit Credit Debit Credit Debit Credit Adjusted

Trial Balance Adjustments Trial Balance

NetSolutions

Work Sheet

For the Two Months Ended December 31, 2005

1

To make more space,

let’s remove the

heading.

To make more space,

let’s remove the

(32)

Cash 2,065

Accounts Receivable 2,220 (e) 500

Supplies 2,000 (a) 1,240

Prepaid Insurance 2,400 (b) 100

Land 20,000

Office Equipment 1,800

Accounts Payable 900

Unearned Rent 360 (c) 120

Capital Stock 25,000

Dividends 4,000

Fees Earned 16,340 (e) 500

Wages Expense 4,275 (d) 250

Rent Expense 1,600

Utilities Expense 985

Supplies Expense 800 (a) 1,240

Miscellaneous Expense 455

42,600 42,600

(33)

Next, the unadjusted Trial

Balance columns and the

Adjustments columns are

combined to determine the

amounts displayed in the

Adjusted Trial Balance.

Next, the unadjusted Trial

Balance columns and the

Adjustments columns are

combined to determine the

(34)

Cash 2,065

Accounts Receivable 2,220 (e) 500

Supplies 2,000 (a) 1,240

Prepaid Insurance 2,400 (b) 100

Land 20,000

Office Equipment 1,800

Accounts Payable 900

Unearned Rent 360 (c) 120

Capital Stock 25,000

Dividends 4,000

Fees Earned 16,340 (e) 500

Wages Expense 4,275 (d) 250

Rent Expense 1,600

Utilities Expense 985

Supplies Expense 800 (a) 1,240

Miscellaneous Expense 455

42,600 42,600

(35)

Cash 2,065 2,065

Accounts Receivable 2,220 (e) 500 2,720

Supplies 2,000 (a) 1,240 760

Prepaid Insurance 2,400 (b) 100 2,300

Land 20,000 20,000

Office Equipment 1,800 1,800

Accounts Payable 900 900

Unearned Rent 360 (c) 120 240

Capital Stock 25,000 25,000

Dividends 4,000 4,000

Fees Earned 16,340 (e) 500 16,840

Wages Expense 4,275 (d) 250 4,525

Rent Expense 1,600 1,600

Utilities Expense 985 985

Supplies Expense 800 (a) 1,240 2,040

Miscellaneous Expense 455 455

42,600 42,600

Account Title Debit Credit Debit Credit Debit Credit Adjusted

(36)

Revenue and expense balances in

the Adjusted Trial Balance column

are extended to the Income

Statement column.

Revenue and expense balances in

the Adjusted Trial Balance column

are extended to the Income

Statement column.

Adjusted TB

Accounts

Dr

Cr

Dr

Cr

Dr

Cr

(37)

Asset, liability, and stockholders’

equity balances in the Adjusted

Trial Balance column are extended

to the Balance Sheet column.

Asset, liability, and stockholders’

equity balances in the Adjusted

Trial Balance column are extended

to the Balance Sheet column.

Adjusted TB

Accounts

Dr

Cr

Dr

Cr

Dr

Cr

(38)

To make room on the slides for

the Income statement and

Balance Sheet columns, the Trial

Balance and Adjustments

columns have been removed.

To make room on the slides for

the Income statement and

Balance Sheet columns, the Trial

Balance and Adjustments

(39)

Cash 2,065

Accounts Receivable 2,720

Supplies 760

Prepaid Insurance 2,300

Land 20,000

Office Equipment 1,800

Accounts Payable 900

Unearned Rent 240

Capital Stock 25,000

Dividends 4,000

Fees Earned 16,840

Wages Expense 4,525

Rent Expense 1,600

Utilities Expense 985

Supplies Expense 2,040

Miscellaneous Expense 455

Account Title Debit Credit Debit Credit Debit Credit Adjusted

Insurance Expense 100

Rent Revenue 120

Wages Payable 250

Depreciation Expense 50

Accum. Depreciation 50

(40)

Now, let’s extend the balances

from the Adjusted Trial Balance

column.

Now, let’s extend the balances

from the Adjusted Trial Balance

(41)

Cash 2,065 2,065

Accounts Receivable 2,720 2,720

Supplies 760 760

Prepaid Insurance 2,300 2,300

Land 20,000 20,000

Office Equipment 1,800 1,800

Accounts Payable 900 900

Unearned Rent 240 240

Capital Stock 25,000 25,000

Dividends 4,000 4,000

Fees Earned 16,840 16,840

Wages Expense 4,525 4,525

Rent Expense 1,600 1,600

Utilities Expense 985 985

Supplies Expense 2,040 2,040

Miscellaneous Expense 455 455

Account Title Debit Credit Debit Credit Debit Credit Adjusted

Insurance Expense 100 100

Rent Revenue 120 120

Wages Payable 250 250

Depreciation Expense 50 50

Accum. Depreciation 50 50

(42)

These four

columns are

summed.

These four

columns are

(43)

Cash 2,065 2,065

Accounts Receivable 2,720 2,720

Supplies 760 760

Prepaid Insurance 2,300 2,300

Land 20,000 20,000

Office Equipment 1,800 1,800

Accounts Payable 900 900

Unearned Rent 240 240

Capital Stock 25,000 25,000

Dividends 4,000 4,000

Fees Earned 16,840 16,840

Wages Expense 4,525 4,525

Rent Expense 1,600 1,600

Utilities Expense 985 985

Supplies Expense 2,040 2,040

Miscellaneous Expense 455 455

Account Title Debit Credit Debit Credit Debit Credit Adjusted

Insurance Expense 100 100

Rent Revenue 120 120

Wages Payable 250 250

Depreciation Expense 50 50

Accum. Depreciation 50 50

(44)

The difference between the

Income Statement column

totals is the net income (or net

loss) for the period.

The difference between the

Income Statement column

totals is the net income (or net

(45)

The difference between the

Balance Sheet column totals is

also the income (or net loss)

for the period.

The difference between the

Balance Sheet column totals is

(46)

9,755 16,960 33,645 26,440

7,205

7,205

16,960 16,960 33,645 33,645

Income Statement Balance Sheet

(47)

NetSolutions Income Statement

For Two Months Ended December 31, 2005

Fees earned $16,840

Rent revenue

120

Total revenues

$16,960

Expenses:

Wages expense $ 4,525

Supplies expense 2,040

Rent expense

1,600

Utilities expense

985

Insurance expense 100

Depreciation expense 50

Miscellaneous expense

455

Total expenses

9,755

Net income

$ 7,205

Every amount on this income statement was taken from the

Income Statement column of the work sheet.

(48)

NetSolutions

Retained Earnings Statement

For the Two Months Ended December 31, 2005

Net income for November and December

7,205

Less dividends 4,000

Retained earnings, December 31, 2005

$3,205

Either from the

income

statement or the

work sheet.

Either from the

income

statement or the

work sheet.

From the

Balance Sheet

debit column of

the work sheet.

From the

Balance Sheet

debit column of

(49)

NetSolutions

Balance Sheet

December 31, 2005

Assets Liabilities

Current assets: Current liabilities:

Cash

$ 2,065

Accounts payable

$900

Accounts receivable

2,720

Wages payable

250

Supplies

760

Unearned rent

240

Prepaid insurance

2,300

Total liabilities

$ 1,390

Total current assets $ 7,845

Property, plant, and

equipment:

Land

$20,000

Office equip. $1,800

Less accum.

depreciation

50 1,750

Capital stock

$25,000

Total property, plant

Retained earnings

3,205

28,205

and equipment

21,750 Total liabilities and

Total assets

$29,595

stockholders’ equity

$29,595

Assets Liabilities

Current assets: Current liabilities:

Cash

$ 2,065

Accounts payable

$900

Accounts receivable

2,720

Wages payable

250

Supplies

760

Unearned rent

240

Prepaid insurance

2,300

Total liabilities

$ 1,390

Total current assets $ 7,845

Property, plant, and

equipment:

Land

$20,000

Office equip. $1,800

Less accum.

depreciation

50 1,750

Capital stock

$25,000

Total property, plant

Retained earnings

3,205

28,205

and equipment

21,750 Total liabilities and

(50)

Adjusting and Closing Entries

Adjusting and Closing Entries

Adjusting entries are recorded

in the journal at the end of the

accounting period.

Adjusting entries are recorded

in the journal at the end of the

(51)

Adjusting and Closing Entries

Adjusting and Closing Entries

If a work sheet has been

prepared, the data for

these entries are in the

Adjustments columns.

(52)

RETAINED EARNINGS

The Closing Process

The Closing Process

Income Summary

1

Revenues are

transferred to

Income Summary

2

Expenses are

transferred to

Income Summary

3

Net Income or Net Loss is

transferred to Retained Earnings

(53)

RETAINED EARNINGS

The Closing Process

The Closing Process

Income Summary

1

Revenues are

transferred to

Income Summary

2

Expenses are

transferred to

Income Summary

3

Net Income or Net Loss is

transferred to Retained Earnings

4

Dividends are transferred to

Retained Earnings

The

Income Summary

account does not appear on

the financial statements.

The

Income Summary

(54)

Wages Expense

balances shown

are adjusted

balances before

closing. The

following

sequence

demonstrates the

closing process.

Note: The

balances shown

are adjusted

balances before

closing. The

following

sequence

demonstrates the

closing process.

(55)

Wages Expense

Debit each revenue

account for the

amount of its

balance, and credit

Income Summary

The Closing Process

The Closing Process

(56)

Wages Expense

total expenses and

credit each expense

account for its

balance.

The Closing Process

The Closing Process

(57)

Wages Expense

Summary

for the

amount of its

balance (in this

case, the net

income) and credit

Retained Earnings

.

Fees Earned

The Closing Process

The Closing Process

(58)

Wages Expense

Debit

Retained

Earnings

for the

balance of

Dividends

and

credit

Dividend

for

the same amount.

Fees Earned

The Closing Process

The Closing Process

Step 4

(59)

Wages Expense

Close Revenues

Close Expenses

Close Income Summary

Close Dividends

16,840

(60)

After the closing entries

are posted, all of the

temporary accounts have

zero balances.

After the closing entries

are posted, all of the

temporary accounts have

(61)

Post-closing Trial Balance

Post-closing Trial Balance

NetSolutions

Post-Closing Trial Balance

December 31, 2005

Cash

2 065 00

Accounts Receivable

2 720 00

Supplies

760 00

Prepaid Insurance

2 300 00

Land

20 000 00

Office Equipment

1 800 00

Accumulated Depreciation

50 00

Accounts Payable

900 00

Wages Payable

250 00

Unearned Rent

240 00

Capital Stock

25 000 00

Retained Earnings

3 205 00

(62)

Financial Analysis for

NetSolutions

Financial Analysis for

NetSolutions

Working

Capital

= $7,845 – $1,390

Working

Capital

=

Current

Assets

Current

Liabilities

Working

(63)

Current

Ratio

=

Current

Assets

÷

Current

Liabilities

Financial Analysis for

NetSolutions

Financial Analysis for

NetSolutions

Current

Ratio

= $7,845 ÷

$1,390

Current

(64)

Financial Analysis for

NetSolutions

Financial Analysis for

NetSolutions

This ratio implies that

NetSolutions is able to pay its

current liabilities.

This ratio implies that

(65)

Financial Analysis for

NetSolutions

Financial Analysis for

NetSolutions

Current

ratio

= $7,845 ÷ $1,390

Current

ratio

=

Current

Assets

÷

Current

Liabilities

Current

(66)

Financial Analysis for

NetSolutions

Financial Analysis for

NetSolutions

NetSolutions can use the current ratio to

make comparisons across companies and

with industry averages.

NetSolutions can use the current ratio to

make comparisons across companies and

(67)

The End

The End

Figur

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