akuntansi - accounting information system
TRANSCRIPT
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2Accounting InformationSystem
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International Accounting Principles
Despite our growing global economy, countriescontinue to maintain their unique set of
acceptable accounting practices.
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Fundamental Principles of
AccountingBusiness Entity
Principle
Objectivity
Principle
Cost Principle
Going-ConcernPrinciple
Monetary Unit
Principle
A business is accounted for separatelyfrom its owner or owners.
Financial statement information is
supported by independent, unbiasedevidence.
Financial statements are based on actualcosts incurred in business transactions.
A business continues operating instead ofbeing closed or sold.
Express transactions and events inmonetary units.
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Source
documents
Recording &posting
Trial balanceReporting
Transactionor event Analysis
The Accounting Process
Exh.
2.2
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External Transactionsoccur between the
organization and anoutside party.
Internal Transactionsoccur within the
organization.
Transactions and Events
Exchanges of economic consideration between two
parties.
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Sales
Invoices
Bank
Statement
Purchase
Orders
Checks
Source Documents
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Detailed record ofincreases anddecreases in
specific assets,liabilities, equities,revenues, orexpenses.
Separate accounts aremaintained for eachitem of importance.
The Account
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Liabilities EquityAssets = +
Common
Stock
Retained
Earnings Revenues Expenses
Expanded Accounting Equation
+ ++ –
Exh.
2.4
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Land
Equipment
Buildings
Cash
PrepaidExpenses
OfficeSupplies
StoreSupplies
PrepaidInsurance
NotesReceivable
Accounts
Receivable
ASSETS
Asset Accounts
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Equities
Revenues
CommonStock Dividends
Expenses
Equity Accounts
RetainedEarnings
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Analyze the transactionand its source.
Identify the impact of the
transaction on accountbalances.
Also identify the financialstatements that areimpacted by thetransaction.
Analyzing Transactions
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Buck Johnson forms a
building consulting
business. It is set up asa corporation called
Build-Up, Inc..
Analyze the following
transactions.
Transaction Analysis
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The accounts involved are:(1) Cash (asset)
(2) Owner’s Equity (equity)
Buck Johnson invests $50,000 in thecompany in exchange for common stock.
Transaction Analysis
Assets = Liabilities + Equity
Cash Supplies EquipmentAccountsPayable
NotesPayable Equity
(1) 50,000$ 50,000$
50,000$ -$ -$ -$ -$ 50,000$
50,000$ = 50,000$
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The accounts involved are:(1) Cash (asset)
(2) Supplies (asset)
Transaction Analysis
Build-Up, Inc. purchased suppliespaying $4,800 cash.
Assets = Liabilities + Equity
Cash Supplies EquipmentAccountsPayable
NotesPayable Equity
(1) 50,000$ 50,000$
(2) (4,800) 4,800$
45,200$ 4,800$ -$ -$ -$ 50,000$
50,000$ = 50,000$
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The accounts involved are:(1) Cash (asset)
(2) Equipment (asset)
Transaction Analysis
Build-Up, Inc. purchased equipmentfor $30,000 cash.
Assets = Liabilities + Equity
Cash Supplies EquipmentAccountsPayable
NotesPayable Equity
(1) 50,000$ 50,000$
(2) (4,800) 4,800$
(3) (30,000) 30,000$
15,200$ 4,800$ 30,000$ -$ -$ 50,000$
50,000$ = 50,000$
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The accounts involved are:
(1) Supplies (asset)
(2) Accounts Payable (liability)
Transaction Analysis
Build-Up, Inc. purchased additionalsupplies of $9,400 on account.
Slid
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Assets = Liabilities + Equity
Cash Supplies EquipmentAccountsPayable
NotesPayable Equity
(1) 50,000$ 50,000$
(2) (4,800) 4,800$
(3) (30,000) 30,000$
(4) 9,400 9,400$15,200$ 14,200$ 30,000$ 9,400$ -$ 50,000$
59,400$ = 59,400$
Transaction Analysis
Build-Up, Inc. purchased additionalsupplies of $9,400 on account.
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The accounts involved are:
(1) Cash (asset)
(2) Revenues (equity)
Transaction Analysis
Rendered consulting servicesreceiving $9,800 cash.
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Assets = Liabilities + Equity
Cash Supplies Equipment
Accounts
Payable
Notes
Payable Equity
Bal 15,200$ 14,200 30,000 9,400 50,000$
(5) 9,800 9,800
25,000$ 14,200$ 30,000$ 9,400$ -$ 59,800$
69,200$ = 69,200$
Transaction Analysis
Rendered consulting servicesreceiving $9,800 cash.
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Slide
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The accounts involved are:
(1) Cash (asset)
(2) Salary Expense (equity)
Transaction Analysis
Paid Salaries of $2,300.
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Slide Exh
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Accoun t Name
(Left Side)
Debit
(Right Side)
Credit
Used as a simple tool forillustrating the balance in a
given account.
Chart of Accounts & the T-Account
Typically, acompany
keeps alisting of all
the accountsis uses. This
list is calledthe Chart ofAccounts.
Exh.
2.8
Slide Exh
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Cash T-Account for FastForward
CashIssuance of stock 30,000 Purchase of supplies 2,500
Consulting services revenues earned 4,200 Purchase of equipment 26,000
Collection of accounts receivable 1,900 Payment of rent 1,000
Payment of salary 700
Payment of note payable 900 Payment of dividend 600
Total increases 36,100 Total decreases 31,700
Less decreases (31,700)
Balance 4,400
Balance of an Account
An account balance is the difference between theincreases and decreases in an account.
Exh.
2.9
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Liabilities EquityAssets = +
Debit Credit Debit Credit Debit Credit
ASSETS
+ -
LIABILITIES
- +
EQUITIES
- +
Double-Entry Accounting
Exh.
2.10
Slide Exh.
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Revenues ExpensesRetained
EarningsDividends
_+
_
Debit Credit
Ret. Earnings
- +Debit Credit
Dividends
+ -Debit Credit
Expenses
+ -Debit Credit
Revenues
- +
Double-Entry Accounting - Detail of
Effects on Equity
Exh.
2.11
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Step 1: Examine
source documents.
Remember these two steps?
Now let’s look at someadditional steps.
Steps in Processing Transactions
Equipment
(3) 30,000
Liabilities EquityAssets = +
Step 2: Analyze
transactions.
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ACCOUNT NAME: ACCOUNT No.
Date Description PR Debit Credit Balance
Step 4: Record the
journal information in a
ledger.
GENERAL JOURNAL Page 123
Date Description
Post.
Ref. Debit Credit
Step 3: Record
transactions in a
journal.
Step 5: Prepare a
trial balance.
Steps in Processing Transactions
Step 1: Examine
source documents.
Equipment
(3) 30,000
Liabilities EquityAssets = +
Step 2: Analyze
transactions.
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GENERAL JOURNAL Page 1Date Description PR Debit Credit
2001
Dec. 1 Cash 30,000
Common Stock 30,000
Issuance of stock
Transaction
Date
Titles of Affected
Accounts
Dollar amount of
debits and credits
Transaction
explanation
General Journal for FastForward
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CASH ACCOUNT No. 101
Date Description PR Debit Credit Balance
2001
Dec. 1 Issuance of stock G1 30,000 30,000 Dec. 2 Purchased supplies G1 2,500 27,500
Dec. 3 Purchased equipment G1 26,000 1,500
Dec. 10 Collection from customer G1 1,900 3,400
Balance Column Ledger
Note the the t-account tool is derived from thedebit and credit columns of the ledger.
Slide Exh.
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The last line in the balance column shows thecurrent balance in the account.
2.16
CASH ACCOUNT No. 101
Date Description PR Debit Credit Balance
2001
Dec. 1 Issuance of stock G1 30,000 30,000 Dec. 2 Purchased supplies G1 2,500 27,500
Dec. 3 Purchased equipment G1 26,000 1,500
Dec. 10 Collection from customer G1 1,900 3,400
Balance Column Ledger
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GENERAL JOURNAL Page 1Date Description PR Debit Credit
2001
Dec. 1 Cash 30,000
Common Stock 30,000
Issuance of stock
CASH ACCOUNT No. 101
Date Description PR Debit Credit Balance
2001
1Identify the account.
Posting Journal Entries - Example
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GENERAL JOURNAL Page 1Date Description PR Debit Credit
2001
Dec. 1 Cash 30,000
Common Stock 30,000
Issuance of stock
CASH ACCOUNT No. 101
Date Description PR Debit Credit Balance
2001
Dec. 1
2 Enter the date.
Posting Journal Entries - Example
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GENERAL JOURNAL Page 1Date Description PR Debit Credit
2001
Dec. 1 Cash 30,000
Common Stock 30,000
Issuance of stock
CASH ACCOUNT No. 101
Date Description PR Debit Credit Balance
2001
Dec. 1 Issuance of stock 30,000
3Enter the amount.
Posting Journal Entries - Example
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GENERAL JOURNAL Page 1Date Description PR Debit Credit
2001
Dec. 1 Cash 30,000
Common Stock 30,000
Issuance of stock
CASH ACCOUNT No. 101
Date Description PR Debit Credit Balance
2001
Dec. 1 Issuance of stock G1 30,000
4Enter the journal reference.
Posting Journal Entries - Example
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CASH ACCOUNT No. 101
Date Description PR Debit Credit Balance
2001
Dec. 1 Issuance of stock G1 30,000 30,000 5
Compute the balance.
GENERAL JOURNAL Page 1Date Description PR Debit Credit
2001
Dec. 1 Cash 30,000
Common Stock 30,000
Issuance of stock
Posting Journal Entries - Example
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GENERAL JOURNAL Page 1Date Description PR Debit Credit
2001
Dec. 1 Cash 101 30,000
Common Stock 30,000
Issuance of stock
CASH ACCOUNT No. 101
Date Description PR Debit Credit Balance
2001
Dec. 1 Issuance of stock G1 30,000 30,000
Enter the ledger reference.6
Posting Journal Entries - Example
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D e b it s C r e d it s
Cash 3,950$
Accounts receivable -
Supplies 9,720
Prepaid Insurance 2,400
Equipment 26,000
Accounts payable 6,200$Unearned consulting revenue 3,000
Common Stock 30,000
Dividends 600
Consulting revenue 5,800
Rental revenue 300
Salaries expense 1,400
Rent expense 1,000 Utilities expense 230
Total 45,300$ 45,300$
FastForward
Trial Balance
December 31, 2001
A TrialBalance is alisting of all
accountsand their
balances ata point in
time.
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Exh.
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Retained Earnings, 12/1/01 -$
Add: Net Income 3,470
Total 3,470$Less: Dividends (600)
Retained Earnings, 12/31/01 2,870$
FastForward
Statement of Retained EarningsFor Month Ended December 31, 2001
Statement of Retained Earnings
Beginning of period Retained Earnings is adjusted fordividends paid and net income (or loss) as reported on
the Income Statement.
2.19
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Exh.
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Cash 3,950$ Accounts payable 6,200$
Supplies 9,720 Unearned Revenue 3,000
Prepaid Ins. 2,400 Total liabilities 9,200$
Equipment 26,000
Common Stock 30,000$
Retained Earnings 2,870
Total assets 42,070$
Total liabilities and
owners' equity 42,070$
Assets
Equity
Liabilities
FastForward
Balance Sheet
December 31, 2001
2.19
Balance SheetAssets are economic resources owned by a
business. They are expected to providefuture benefits to the business.
Liabilities are
obligations of thebusiness. They
are claimsagainst the
assets of the
business.
Equity is theowner’s claim on
the assets of the
business. It is theresidual interest in
the assets afterdeductingliabilities.
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Exh.
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Describes
thesourcesand uses of cash
for a
reportingperiod.
Cash flows from operating activities:
Cash received from clients 9,100$
Cash paid for supplies (3,520)
Cash paid for insurance (2,400)
Cash paid for rent & utilities (1,230)
Cash paid to employee (1,400) Net cash provided by operating acitivities 550$
Cash flows from investing activities:
Purchase of equipment (26,000)$
Net cash used by investing activities (26,000)
Cash flows from financing activities:
Investment by owner 30,000$Withdrawal by owner (600)
Net cash provided by financing activities 29,400
Net increase in cash 3,950$
Cash balance, December 1, 2001 -
Cash balance, December 31, 2001 3,950$
FastForward
Statement of Cash Flows
For Month Ended December 31, 2001
2.19
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GENERAL JOURNAL Page 123
Date Description
Post.
Ref. Debit Credit
Generally, dollar signs ($)
are not used in the journals orledgers.
RoundingRound numbers in financial
statements to the nearest
dollar.
ACCOUNT NAME: ACCOUNT No.
Date Description PR Debit Credit Balance
Formatting Conventions
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Describes the relationship between net income
for the period and average equity.
Helps an owner judge the compnay’s profitabilitycompared to other business or personal
opportunities.
Return on Equity = Net Income Average Equity
Using the Information - Return on
Equity
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End of Chapter 2
Now, was that debitsto the left or credits
to the left?I sure wish I had paid
more attention inclass!