Chapter 4

Completing the Accounting Cycle

Accounting, 21st 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 permission of NVTech Inc.

7 Langkah dasar Siklus Akuntansi

1. Transaksi dianalisis dan dicatat dlm jurnal 2. Transaksi diposting ke Ledger 3. Menyusun Trial Balance, Jurnal Penyesuaian dan melengkapi Worksheet (optional) 4. Memposting Jurnal Penyesuaian ke Ledger 5. Menyusun Laporan Keuangan 6. Membuat Jurnal Penutup/clossing dan diposting 7. Menyusun Post-Clossing Trial Balance

Asset biasanya dibagi dalam 2 Jenis yaitu: Current Assets/Aktiva Lancar dan Fixed Assets/Aktiva Tetap

Thats 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.

For example?

Well besides cash, theres notes receivable, accounts receivable, supplies, and other prepaid items.

There are some exceptions, but thats basically correct. Assets such So, assets that have a life as office equipment, machinery, over a year are listed under buildings, and land would appear property, plant, and under that heading. equipment.

Hutang yang jatuh tempo kurang dari 1 tahun disebut current liabilities.

Accounts payable Wages payable Interest payable Unearned fees

Hutang yang Jatuh Temponya Lebih dari 1 tahun disebut long-term liabilities.

Mortgage note payable Mortgage payable Bond payable

Untuk mempermudah penyusunan Undjusted Trial Balance menjadi suatu Laporan Keuangan bisa dibantu dengan WORK SHEET

The Work Sheet

Trial Balance

Adjustments

Adjusted TB

Accounts

Dr

Cr

Dr

Cr

Dr

Cr

Berdasarkan data dari Ledger, dan disusun sesuai urutan: assets, liabilities, owners equity, revenues, and expenses.

The Work Sheet

Trial Balance

Adjustments

Adjusted TB

Accounts

Dr

Cr

Dr

Cr

Dr

Cr

Diisi berdasarkan jurnal Penyesuaian Ada 2 kemungkinan: 1. Deferrals mengurangi saldo sebelumnya 2. Accruals Timbul informasi baru

The Work Sheet

Trial Balance

Adjustments

Adjusted TB

Accounts

Dr

Cr

Dr

Cr

Dr

Cr

Adjustments are combined with the trial balance. Account balances are now adjusted.

The Work Sheet

St of Financial Position

Income State.

Accounts

Dr

Cr

Dr

Cr

Saldo Revenue dan Expense dipindahkan ke kolom Income Statement

The Work Sheet

St of Financial Position

Income State.

Accounts

Dr

Cr

Dr

Cr

Saldo Asset, liability, owners equity, and drawing dipindahkan ke Statement of Financial Position column.

NetSolutions Work Sheet For the Two Months Ended December 31, 2005
Trial Balance Account Title
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

Adjustments Debit Credit

Adjusted Trial Balance

Debit Credit

Debit

Credit

Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accounts Payable Unearned Rent Chris Clark, Capital Chris Clark, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Supplies Expense Miscellaneous Expense

2,065 2,220 2,000 2,400 20,000 1,800 900 360 25,000 4,000 16,340 4,275 1,600 985 800 455 42,600

The Unadjusted Trial Balance

42,600

Adjusting Entries
Adjusting entries adl Jurnal yang dibuat pada akhir periode akuntansi

Adjusting Entries
Apabila Worksheet telah disiapkan maka data dalam jurnal penyesuaian dipindahkan pada Adjustments columns.

(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.

NetSolutions Work Sheet For the Two Months Ended December 31, 2005
Trial Balance Account Title
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

Adjustments Debit Credit

Adjusted Trial Balance

Debit Credit

Debit

Credit

Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accounts Payable Unearned Rent Chris Clark, Capital Chris Clark, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Supplies Expense Miscellaneous Expense

2,065 2,220 2,000 2,400 20,000 1,800 900 360 25,000 4,000 16,340 4,275 1,600 985 800 455 42,600

(a) 1,240

(a) 1,240 42,600

(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).

NetSolutions Work Sheet For the Two Months Ended December 31, 2005
Trial Balance Account Title
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

Adjustments Debit Credit

Adjusted Trial Balance

Debit Credit

Debit

Credit

Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accounts Payable Unearned Rent Chris Clark, Capital Chris Clark, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Supplies Expense Miscellaneous Expense Insurance Expense

2,065 2,220 2,000 2,400 20,000 1,800 900 360 25,000 4,000 16,340 4,275 1,600 985 800 455 42,600

(a) 1,240 (b) 100

(a) 1,240 42,600 (b) 100

Accounts are added as needed.

(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.

FOR RENT

NetSolutions Work Sheet For the Two Months Ended December 31, 2005
Trial Balance Account Title
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

Adjustments Debit Credit

Adjusted Trial Balance

Debit Credit

Debit

Credit

Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accounts Payable Unearned Rent Chris Clark, Capital Chris Clark, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Supplies Expense Miscellaneous Expense Insurance Expense Rent Revenue

2,065 2,220 2,000 2,400 20,000 1,800 900 360 25,000 4,000 16,340 4,275 1,600 985 800 455 42,600 (c) 120

(a) 1,240 (b) 100

(a) 1,240 42,600 (b) 100 (c) 120

(d) Wages accrued but not paid at the end of December total $250.

NetSolutions Work Sheet For the Two Months Ended December 31, 2005
Trial Balance Account Title
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

Adjustments Debit Credit

Adjusted Trial Balance

Debit Credit

Debit

Credit

Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accounts Payable Unearned Rent Chris Clark, Capital Chris Clark, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Supplies Expense Miscellaneous Expense Insurance Expense Rent Revenue Wages Payable

2,065 2,220 2,000 2,400 20,000 1,800 900 360 25,000 4,000 16,340 4,275 1,600 985 800 455 42,600

(a) 1,240 (b) 100

(c) 120

(d)

250

(a) 1,240 42,600 (b) 100 (c) 120 (d) 250

(e) Fees accrued at the end of December, but not recorded, total $500.

NetSolutions Work Sheet For the Two Months Ended December 31, 2005
Trial Balance Account Title
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

Adjustments Debit Credit

Adjusted Trial Balance

Debit Credit

Debit

Credit

Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accounts Payable Unearned Rent Chris Clark, Capital Chris Clark, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Supplies Expense Miscellaneous Expense Insurance Expense Rent Revenue Wages Payable

2,065 2,220 2,000 2,400 20,000 1,800 900 360 25,000 4,000 16,340 4,275 1,600 985 800 455 42,600

(e)

500 (a) 1,240 (b) 100

(c) 120
(e) (d) 250 (a) 1,240 500

42,600 (b) 100 (c) 120 (d) 250

(f) Depreciation of the office equipment is $50 for December.

NetSolutions Work Sheet For the Two Months Ended December 31, 2005
Trial Balance Account Title
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

Adjustments Debit Credit

Adjusted Trial Balance

Debit Credit

Debit

Credit

Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accounts Payable Unearned Rent Chris Clark, Capital Chris Clark, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Supplies Expense Miscellaneous Expense Insurance Expense Rent Revenue Wages Payable Depreciation Expense Accum. Depreciation

2,065 2,220 2,000 2,400 20,000 1,800 900 360 25,000 4,000 16,340 4,275 1,600 985 800 455 42,600

(e) 500 (a) 1,240 (b) 100

(c) 120 (e) 500 (d) 250

(a) 1,240
42,600 (b) 100 (c) 120 (d) 250 (f) 50 (f) 50

NetSolutions Work Sheet For the Two Months Ended December 31, 2005
Adjustments To make more space, Debit Credit Debit Credit 2,065 lets remove the 2,220 (e) 500 heading.(a) 1,240 2,000 Trial Balance

Adjusted Trial Balance

Debit Credit

Account Title
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accounts Payable Unearned Rent Chris Clark, Capital Chris Clark, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Supplies Expense Miscellaneous Expense Insurance Expense Rent Revenue Wages Payable Depreciation Expense Accum. Depreciation

2,400 20,000 1,800 900 360 25,000 4,000 16,340 4,275 1,600 985 800 455 42,600 (d) 250 (c) 120

(b) 100

(e) 500

(a) 1,240
42,600 (b) 100 (c) 120 (d) 250

(f)

50
(f) 50

Trial Balance Account Title

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Adjustments Debit Credit

Adjusted Trial Balance Debit

31

Debit

Credit

Credit

Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accounts Payable Unearned Rent Chris Clark, Capital Chris Clark, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Supplies Expense Miscellaneous Expense Insurance Expense Rent Revenue Wages Payable Depreciation Expense Accum. Depreciation

2,065 2,220 2,000 2,400 20,000 1,800 900 360 25,000

(e) 500 (a) 1,240 (b) 100

(c) 120 (e) 500 (d) 250 (a) 1,240

4,000
16,340 4,275 1,600 985 800 455 42,600

42,600 (b) 100 (c) 120 (d) 250 (f) 50 (f) 2,260 50 2,260

Summed and ruled

Jumlahkan saldo Unadjusted Trial Balance dan Adjusment = Adjusted Trial Balance

Trial Balance Account Title

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Adjustments Debit Credit

Adjusted Trial Balance Debit

33

Debit

Credit

Credit

Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accounts Payable Unearned Rent Chris Clark, Capital Chris Clark, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Supplies Expense Miscellaneous Expense Insurance Expense Rent Revenue Wages Payable Depreciation Expense Accum. Depreciation

2,065 2,220 2,000 2,400 20,000 1,800 900 360 25,000

(e) 500 (a) 1,240 (b) 100

(c) 120 (e) 500 (d) 250 (a) 1,240

4,000
16,340 4,275 1,600 985 800 455 42,600

42,600 (b) 100 (c) 120 (d) 250 (f) 50 (f) 2,260 50 2,260

Trial Balance Account Title

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Adjustments Debit Credit

Adjusted Trial Balance Debit

34

Debit

Credit

Credit

Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accounts Payable Unearned Rent Chris Clark, Capital Chris Clark, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Supplies Expense Miscellaneous Expense Insurance Expense Rent Revenue Wages Payable Depreciation Expense Accum. Depreciation

2,065 2,220 2,000 2,400 20,000 1,800 900 360 25,000

(e) 500 (a) 1,240 (b) 100

2,065 2,720 760 2,300 20,000 1,800 900 240 25,000

(c) 120

4,000
16,340 4,275 1,600 985 800 455 42,600 (d) 250 (a) 1,240 42,600 (b) 100 (c) 120 (d) 250 (f) 50 (f) 2,260 50 2,260 (e) 500

4,000
16,840 4,525 1,600 985 2,040 455 100 120 250 50 43,400 50 43,400

To make room on the slides for the Income statement and Statement of Financial Position columns, the Trial Balance and Adjustments columns have been removed.

Adjusted Trial Balance

Income Statement

St of Fin Position38

Account Title
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Debit

Credit

Debit

Credit

Debit

Credit

Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accounts Payable Unearned Rent Chris Clark, Capital Chris Clark, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Supplies Expense Miscellaneous Expense Insurance Expense Rent Revenue Wages Payable Depreciation Expense Accum. Depreciation

2,065 2,720 760 2,300 20,000 1,800 900 240 25,000 4,000 16,840 4,525 1,600 985 2,040 455 100 120 250 50 43,400 50 43,400

Pindahkan Saldo dari Adjusted Trial Bal ke kolom Income Statement n Statement of Financial Position

Adjusted Trial Balance Account Title

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

40
Income Statement Debit Credit St of Fin Position Debit Credit

Debit

Credit

Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accounts Payable Unearned Rent Chris Clark, Capital Chris Clark, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Supplies Expense Miscellaneous Expense Insurance Expense Rent Revenue Wages Payable Depreciation Expense Accum. Depreciation

2,065 2,720 760 2,300 20,000 1,800 900 240 25,000

2,065 2,720 760 2,300 20,000 1,800 900 240 25,000

4,000
16,840 4,525 1,600 985 2,040 455 100 120 250 50 43,400 50 43,400 50 4,525 1,600 985 2,040 455 100 120 16,840

4,000

250 50

Jumlahkan empat kolom tersebut

Adjusted Trial Balance Account Title

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

42
Income Statement Debit Credit St of Fin Position Debit Credit

Debit

Credit

Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accounts Payable Unearned Rent Chris Clark, Capital Chris Clark, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Supplies Expense Miscellaneous Expense Insurance Expense Rent Revenue Wages Payable Depreciation Expense Accum. Depreciation

2,065 2,720 760 2,300 20,000 1,800 900 240 25,000

2,065 2,720 760 2,300 20,000 1,800 900 240 25,000

4,000
16,840 4,525 1,600 985 2,040 455 100 120 250 50 43,400 50 43,400 50 9,755 7,205 16,960 16,960 16,960 4,525 1,600 985 2,040 455 100 120 16,840

4,000

250 33,645 33,645 50 26,440 7,205 33,645

Net Income

Perbedaan pada kolom Income Statement merupakan Net Income(Loss)

Perbedaan pada Kolom Statement of Financial Position = Net Income (Loss) pada periode tersebut

Income Statement

St of Financ Position

9,755 16,960 33,645 7,205 16,960 16,960 33,645

26,440 7,205 33,645

Net Income

Net Income

NetSolutions Income Statement For Two Months Ended December 31, 2005

Fees earned Rent revenue Total revenues Expenses: Wages expense Supplies expense Rent expense Utilities expense Insurance expense Depreciation expense Miscellaneous expense Total expenses Net income

$16,840 120
$16,960 $ 4,525 2,040 1,600 985 100 50 455 9,755 $ 7,205

Semua Akun berasal dari kolom Income Statement pada Worksheet

NetSolutions Statement of Owners Equity For the Two Months Ended December 31, 2005 Chris Clark, Capital, November 1, 2005 Investment on November 1, 2005 Net income for November and December $ $25,000 7,205 $32,205 4,000 28,205 from the $28,205 0

Less withdrawals Increase in owners equity Chris Clark, Capital, December 31, 2005Either

income statement or the From the Statement work sheet. of Financial Position debit column of the work sheet.

NetSolutions Statement of Financial Position December 31, 2005 Assets Liabilities Current assets: Current liabilities: Cash $ 2,065 Accounts payable Accounts receivable 2,720 Wages payable Supplies 760 Unearned rent Prepaid insurance 2,300 Total liabilities Total current assets $ 7,845 Property, plant, and equipment: Land $20,000 Office equip. $1,800 Less accum. depreciation 50 1,750 Owners Equity Total property, plant Chris Clark, Capital and equipment 21,750 Total liabilities and Total assets $29,595 owners equity

$900 From the 250 240 Statement $ 1,390

of Owners Equity

28,205 $29,595

Clossing Entries
Clossing entries (Jurnal Penutup) adl Jurnal yang dibuat pada akhir periode akuntansi

Clossing Entries
Fungsi Clossing entries adl Menutup Saldo perkiraan sementara/nominal

Clossing Entries
Dalam proses penutupan digunakan perkiraan INCOME SUMMARY

Langkah2 Clossing Entries

1. 2. 3. 4. Menutup Perkiraan Revenue Menutup Perkiraan Expenses Menutup Perkiraan Income Summary Menutup Perkiraan Drawing/ Withdrawal

The Closing Process

Income Summary
Menutup Expenses ke Income Summary Menutup Revenue ke Income Summary

3
4

Net Income or Net Loss is transferred to Owners Capital

Akun Income Summary OWNERS tidak akan CAPITAL muncul dlm financial statements.
Menutup Drawing ke Owners Capital

The Closing Process

Wages Expense Bal. 4,525 Rent Expense Bal. 1,600 Income Summary Fees Earned Bal. 16,840

Rent Revenue
Bal. 120

Depreciation Expense Bal. Bal. 50 Utilities Expense 985 Supplies Expense Bal. Bal. 2,040 Insurance Expense 100 Chris Clark, Drawing Miscellaneous Expense Bal. 455 Bal. 4,000 Chris Clark, Capital Bal. 25,000

Note: Saldo tersebut adl Saldo sebelum penutupan

The Closing Process

Close Revenues Fees Earned 16.840 Rent Revenue 120 Income Summary

16.960

Income Summary
16,960

Fees Earned 16,840 Bal. 16,840

Rent Revenue 120

Bal.

120

Close Expenses
Income Summary 9,775 Wages Expense 4,525 Rent Expense 1,600 Depreciation Expense 50 Utilities Expense 985 Supplies Expense 2040 Insurance Expense 100 Miscellaneous Expense 455

Close Expenses
Wages Expense Bal. 4,525 4,525 1,600 Income Summary 9,775 16,960 Rent Expense Bal. 1,600

Depreciation Expense Bal. Bal. 50 Utilities Expense 985 50

985
2,040

Supplies Expense Bal. Bal. 2,040 100 Insurance Expense 100 455

Miscellaneous Expense Bal. 455

Close Income Summary

Income Summary 7,205 Chris Carlk, Capital 7,205

Close Income Summary

Income Summary 9,775 7,205 16,960

Chris Clark, Capital Bal. 25,000 7,205

Chris Clark, Drawing Bal. 4,000

Close Drawing
Chris Carlk, Capital 4,000 Chris Carlk, Drawing 4,000
Chris Clark, Capital 4,000 Bal. 25,000 7,205

Chris Clark, Drawing Bal. 4,000 4,000

Review of the Closing Process

Wages Expense Bal. 4,525 4,525 4,525 1,600 1,600 50 50 Income Summary 9,775 7,205 16,960 16,960 Fees Earned 16,480 Bal. 16,840 16,840 Rent Expense Bal. 1,600

Rent Revenue
120 Bal. 120 120

Depreciation Expense Bal. Bal. 50 Utilities Expense 985

985 985
2,040 2,040

Chris Clark, Capital 4,000 Bal. 25,000 4,000 7,205 7,205

Close Revenues
Close Expenses Close Income Summary Close Drawing

Supplies Expense Bal. Bal. 2,040 100 Insurance Expense

100 100
455 445

Chris Clark, Drawing Bal. 4,000 4,000

Miscellaneous Expense Bal. 455

Setelah Jurnal Penutup dibuat dan diposting maka Saldo Perkiraan Nominal = 0

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 Chris Clark, Capital 28 205 00 29 645 00 29 645 00

REVERSING ENTRY Jurnal Pembalik

adl: Jurnal yang dibuat pada AWAL periode berikutnya Fungsinya: membalik jurnal penyesuaian atas: 1. Defferred Account (Revenue/Expense) yang dicatat dengan pendekatan Nominal

2. Semua Acrrued Account (Revenue/Expense)

REVERSING ENTRY Jurnal Pembalik

Ciri-ciri Jurnal Penyesuaian yang harus diReverse: 1. Adanya Akun Expense DIKREDIT 2. Adanya Akun Revenue DIDEBIT 3. Adanya Akun PAYABLE 4. Adanya Akun RECEIVABLE

Financial Analysis for NetSolutions

Working Current Current = Capital Assets Liabilities

Working $7,845 $1,390 = Capital Working $6,455 = Capital

Financial Analysis for NetSolutions

Current Ratio Current Current = Assets Liabilities = $7,845 $1,390

Current Ratio Current Ratio

5.6

Financial Analysis for NetSolutions

This ratio implies that NetSolutions is able to pay its current liabilities.

Financial Analysis for NetSolutions

Current ratio Current Current = Assets Liabilities

Current $7,845 $1,390 = ratio Current 5.6 = ratio

Financial Analysis for NetSolutions

NetSolutions can use the current ratio to make comparisons across companies and with industry averages.

Chapter 4

The End