LATIHAN KELAS PRAKTIKUM PENGANTAR AKUNTANSI FATA 2020

LATIHAN LAB 3
LEDGER & ADJUSTING ENTRIES

I. Multiple Choice
1. … is the process of transferring transactions that have been recorded in journal into
each appropriate ledger account.
a. Posting.
b. Journalizing.
c. Ledgering.
d. Double-entry system.
2. Before posting a receipt of Rp500.000, the accounts receivable of Violet Inc.
Company has a normal balance of Rp725.000. The balance after posting this
transaction is…
a. Rp1.225.000
b. Rp225.000
c. Rp500.000
d. Cannot be determined.
3. What is the impact of adjusting entries for accrued expenses?
a. Decrease in liabilities and increase in equity.
b. Increase in revenues and increase in assets.
c. Increase in expenses and increase in liabilities.
d. Decrease in assets and increase in expenses.
4. On May 17, 2023, Rubin Co. signed a 6-months of notes payable in the amount of
Rp8.000.000 and had to pay interest at an annual rate of 4.5%. If financial statements
are prepared monthly, the adjusting entry to be made on May 31, 2023 is … (assume
360 days per year)
a. Debit Interest Expense Rp15.000 and credit Interest Payable Rp15.000.
b. Debit Interest Expense Rp30.000 and credit Interest Payable Rp30.000.
c. Debit Interest Receivable Rp15.000 and credit Interest Revenue Rp15.000.
d. Debit Interest Expense Rp30.000 and credit Cash Rp30.000.
5. Which of the following statement is FALSE?
a. Correcting entries is an avoidable step and can be made immediately when
recording errors are discovered.

CLASSY – IQBAL – NINA FATA 2020

LATIHAN KELAS PRAKTIKUM PENGANTAR AKUNTANSI FATA 2020

b. After making adjusting entries, those adjusting entries do not need to be posted
to the general ledger.
c. Companies can prepare financial statements directly from the adjusted trial
balance.
d. Unearned revenue is classified as a liability account.

II. Essay
Dino Company is a company that focuses on providing legal services. The Company
begins its operations in March 2023. During the first month of the company’s operations,
the following transactions occurred.

01-Mar The owner invested $428,000 cash and five photocopiers (@$1,400 worth)
for the business operation.
01-Mar Borrowed $48,400 from Panpan Bank for signing a 5-years notes payable.
04-Mar Purchased supplies for $47,440, paid $34,080 in cash and the remaining
balance was on account.
05-Mar Exchanged its Canon Photocopier bought on March 1 with a Brother
Photocopier due to product defects. (Assume both products have the same
prices).
06-Mar Hired a legal secretary with a salary of $15,800 and two legal analyst workers
with a salary of $8,660 each.
11-Mar Received $25,340 for legal services in advance.
14-Mar Performed legal services for Harvest Co., worth $27,960, 60% of this amount
was paid in cash and the rest will be paid on March 25.
19-Mar Paid $5,240 to settle some of the balance from the transaction on March 4.
20-Mar Received $19,450 for legal service performed to Moon Co.
25-Mar Received the remaining payment for the receivable balance due from Harvest
Co. for legal services performed on March 14.
26-Mar Fired one legal analyst worker due to poor performance during work without
severance pay.
27-Mar Withdrew $10,030 cash for personal use by the owner.
30-Mar Paid employees’ salaries for March.
30-Mar Paid $9,700 for utilities in March.

CLASSY – IQBAL – NINA FATA 2020

LATIHAN KELAS PRAKTIKUM PENGANTAR AKUNTANSI FATA 2020

Additional information for adjusting and correcting entries at the end of the period
(assume 360 days per year):
1. Interest expense consisting of a 6% interest rate of 6-months notes payable effective
on March 1 needs to be recognized.
2. The photocopier is depreciated using the straight-line method and has a 4-year useful
life with a salvage value of $200 for each photocopier.
3. During March, three-fourths of the unearned service revenue has been performed.
4. At the end of the month, supplies on hand was $20,080.
5. Due to a miscalculation, on March 19, the company should have paid $5,420 in cash
instead of $5,240.

Chart of Accounts – Dino Co.

101 Cash 301 Owner’s Capital

102 Accounts Receivable
103 Supplies
111 PPE—Photocopier
112 Accumulated Depreciation
201 Accounts Payable
202 Unearned Service Revenue
203 Interest Payable
211 Notes Payable
302 Owner’s Drawings
401 Service Revenue
501 Utilities Expense
502 Salaries & Wages Expense
503 Supplies Expense
504 Depreciation Expense
505 Interest Expense

Instructions:
a. Journalize all the transactions (write ‘no entry’ for non-transaction).
b. Post the transactions to the ledger accounts of Dino Co. by using the T-Account.
c. Prepare a trial balance for Dino Co. before adjustment on March 31, 2023.
d. Prepare all necessary adjusting entries and correcting entries for the end of the
month. Post the adjusting entries and correcting entries that Dino Co. made for
the month to the ledger.
e. Prepare the adjusted trial balance.

CLASSY – IQBAL – NINA FATA 2020