Contabilidad Bsica I

ACCO 111
Taller Cuatro
Profesor Noel Ortiz Torres

Universidad
del Este, Universidad Metropolitana,Universidad del Turabo
Profesor Noel Ortiz

Repaso taller tres

1. Supuestos del periodos del
tiempo
2. Accrual basis.
3. Razones de los ajustes.
4. Tipos de ajustes diferidos.
5. Ajustes de acumulacin.

Prctica
Prepare los ajustes necesarios para
cada una de las siguientes
transacciones:
1. Brind servicios por $900 y no han
sido reconocidos.
2. Al finalizar el ao los salarios por pagar
son $1,000.
3. La depreciacin por el ao es de $600.

Taller Cuatro
Culminacin del ciclo
contable
Contabilidad para
empresas de compraventa
(parte I)

Objetivos
1.
2.
3.
4.

Preparar hoja de trabajo.

Explicar proceso de cierre.
Describir los pasos del ciclo de contabilidad.
Describir las secciones de un estado de situacin
clasificado.
5. Detectar las caractersticas de una empresa de
compraventa.
6. Registrar transacciones de compraventa de
inventario utilizando el sistema de inventario
perpetuo.
7. Preparar la seccin de costo de bienes vendidos
para un estado de ingresos y gastos mltiples.

Hoja de trabajo

Una hoja de trabajo

multicolumnar se utiliza para
preparar los estados financieros.
Consta de cinco pasos.
El uso es opcional.

Pasos para preparar hoja de

trabajo

Example
The trial balance for Undercover Roofing for the
month ended March 31, 2015, is as follows.
Other data:
1. Supplies on hand total
$140.
2. Depreciation for March is
$200.
3. Unearned revenue
amounted to $130 on
March 31.
4. Accrued salaries are $350.
Instructions
a. Prepare and complete the
worksheet.

1. Prepare a Trial Balance on the

Worksheet
Account Titles
Cash
Accounts Receivable
Roofing Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
I. Spy, Capital
I. Spy, Drawing
Service Revenue
Salaries Expense
Miscellaneous Expense
Totals

Include all
accounts with
balances.

Trial Balance
Dr.
Cr.
2,500
1,800
1,100
6,000
1,200
1,400
300
7,000
600
3,000
700
200
12,900
12,900

Adjustments
Dr.
Cr.

Adjusted
Trial Balance
Dr.
Cr.

Income
Statement
Dr.
Cr.

Trial balance
amounts come
directly from ledger
accounts.

Balance Sheet
Dr.
Cr.

2. Enter the Adjustments in the

Adjustments Columns
Account Titles
Cash
Accounts Receivable
Roofing Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
I. Spy, Capital
I. Spy, Drawing
Service Revenue
Salaries Expense
Miscellaneous Expense
Totals
Supplies Expense
Depreciation Expense
Salaries Payable
Totals

Trial Balance
Adjustments
Dr.
Cr.
Dr.
Cr.
2,500
1,800
1,100
(a 960
)
6,000
(b 200
1,200
)
1,400
(c)
300
170
7,000
600
(c) 170
3,000
(d 350
700
)
200
12,900
12,900
(a) 960
(b 200
)
(d 350
1,680 ) 1,680

Add additional
accounts as
needed.

Adjusted
Trial Balance
Dr.
Cr.

Income
Statement
Dr.
Cr.

Balance Sheet
Dr.
Cr.

Adjustments Key:
(a) Supplies used.
(b) Depreciation expense.
(c) Service revenue
earned.
(d) Salaries accrued.

Enter adjustment
amounts, total
adjustments
columns,
and check for
equality.

3. Complete the Adjusted Trial

Balance Columns
Account Titles
Cash
Accounts Receivable
Roofing Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
I. Spy, Capital
I. Spy, Drawing
Service Revenue
Salaries Expense
Miscellaneous Expense
Totals
Supplies Expense
Depreciation Expense
Salaries Payable
Totals

Trial Balance
Adjustments
Dr.
Cr.
Dr.
Cr.
2,500
1,800
1,100
(a 960
)
6,000
(b 200
1,200
)
1,400
(c)
300
170
7,000
600
(c) 170
3,000
(d 350
700
)
200
12,900
12,900
(a) 960
(b 200
)
(d 350
1,680 ) 1,680

Total the adjusted

trial balance columns
and check for
equality.

Adjusted
Trial Balance
Dr.
Cr.
2,500
1,800
140
6,000
1,400
1,400
130
7,000
600
3,170
1,050
200
960
200
13,450

350
13,450

Income
Statement
Dr.
Cr.

Balance Sheet
Dr.
Cr.

4. Extend Amounts to Financial

Statement Columns
Account Titles
Cash
Accounts Receivable
Roofing Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
I. Spy, Capital
I. Spy, Drawing
Service Revenue
Salaries Expense
Miscellaneous Expense
Totals
Supplies Expense
Depreciation Expense
Salaries Payable
Totals

Trial Balance
Adjustments
Dr.
Cr.
Dr.
Cr.
2,500
1,800
1,100
(a 960
)
6,000
(b 200
1,200
)
1,400
(c)
300
170
7,000
600
(c) 170
3,000
(d 350
700
)
200
12,900
12,900
(a) 960
(b 200
)
(d 350
1,680 ) 1,680

Adjusted
Trial Balance
Dr.
Cr.
2,500
1,800
140
6,000
1,400
1,400
130
7,000
600
3,170
1,050
200
960
200
13,450

Extend all revenue and

expense account balances to
the income statement
columns.

Income
Statement
Dr.
Cr.

3,170
1,050
200
960
200

350
13,450

2,410

3,170

Balance Sheet
Dr.
Cr.

4. Extend Amounts to Financial

Statement Columns
Account Titles
Cash
Accounts Receivable
Roofing Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
I. Spy, Capital
I. Spy, Drawing
Service Revenue
Salaries Expense
Miscellaneous Expense
Totals
Supplies Expense
Depreciation Expense
Salaries Payable
Totals

Trial Balance
Adjustments
Dr.
Cr.
Dr.
Cr.
2,500
1,800
1,100
(a 960
)
6,000
(b 200
1,200
)
1,400
(c)
300
170
7,000
600
(c) 170
3,000
(d 350
700
)
200
12,900
12,900
(a) 960
(b 200
)
(d 350
1,680 ) 1,680

Adjusted
Trial Balance
Dr.
Cr.
2,500
1,800
140
6,000
1,400
1,400
130
7,000
600
3,170
1,050
200
960
200
13,450

Extend all asset, liability, and

equity account balances to
the balance sheet columns.

Income
Statement
Dr.
Cr.

Balance Sheet
Dr.
Cr.
2,500
1,800
140
6,000
1,400
1,400
130
7,000
600

3,170
1,050
200
960
200

350
13,450

2,410

3,170

11,040

350
10,280

5. Total Columns, Compute Net

Income (Loss)
Account Titles
Cash
Accounts Receivable
Roofing Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Revenue
I. Spy, Capital
I. Spy, Drawing
Service Revenue
Salaries Expense
Miscellaneous Expense
Totals
Supplies Expense
Depreciation Expense
Salaries Payable
Totals
Net Income
Totals

Trial Balance
Adjustments
Dr.
Cr.
Dr.
Cr.
2,500
1,800
1,100
(a 960
)
6,000
(b 200
1,200
)
1,400
300 (c) 170
7,000
600
3,000
(c) 170
(d 350
700
)
200
12,900
12,900
(a) 960
(b 200
)
(d 350
1,680 ) 1,680

Adjusted
Trial Balance
Dr.
Cr.
2,500
1,800
140
6,000
1,400
1,400
130
7,000
600
3,170
1,050
200
960
200
13,450

Compute Net Income or Net Loss.

Income
Statement
Dr.
Cr.

Balance Sheet
Dr.
Cr.
2,500
1,800
140
6,000
1,400
1,400
130
7,000
600

3,170
1,050
200
960
200

350
13,450

2,410
760
3,170

3,170

11,040

3,170

11,040

350
10,280
760
11,040

Review Question
Net income is shown on a work sheet in the:
a. income statement debit column only.
b. balance sheet debit column only.
c. income statement credit column and
balance sheet debit column.
d. income statement debit column and
balance sheet credit column.

b. Prepare an income statement for the

month ended March 31, 2015.

b. Prepare an owners equity statement

for the month ended March 31, 2015.

b. Prepare a balance sheet as of March 31,

Undercover Roofing
2015.
Balance Sheet
March 31, 2015

c. Journalize the adjusting entries from the adjustments

columns of the worksheet.

Date
Mar. 31

Account Title
Supplies expense

Ref.

Debit
960

Roofing supplies
Depreciation expense

960
200

Accumulated depreciation
Unearned revenue

200
170

Service revenue
Salaries expense
Salaries payable

Credit

170
350
350

Entradas de cierre
At the end of the accounting period, the
company makes the accounts ready for
the next period.

Closing entries
Closing entries formally recognize, in the
general ledger, the transfer of
net income (or net loss) and
owners drawing
to owners capital.
Closing entries are only at the end of the
annual accounting period.

Note:
Owners Drawing is
closed directly to Capital
and not to Income
Summary because
Owners Drawing is not
an expense.

Owners Capital is a
permanent account;
all other accounts are
temporary accounts.

d.

Closing
Entries
need
to be
Posted

Journalize the closing entries from the financial

statement columns of the worksheet.

Service revenue
Income summary

3,170

Income summary
Salary expense
Supplies expense
Depreciation expense
Miscellaneous expense

2,410

3,170
1,050
960
200
200

Income summary
I. Spy, Capital

760

I. Spy, Capital
I. Spy, Drawing

600

760
600

Post Closing Trial balance

Purpose is to prove the equality of the
permanent account balances after
journalizing and posting of closing entries.
All temporary
accounts will have
zero balances.

Account Titles
Cash
Accounts Receivable
Roofing Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Salaries payable
Unearned Revenue
I. Spy, Capital
Totals

Post-Closing
Trial Balance
Dr.
Cr.
$ 2,500
1,800
140
6,000
$ 1,400
1,400
350
130
7,160
$ 10,440 $ 10,440

Ciclo contabilidad
1. Analyze business transactions

9. Prepare a post-closing
trial balance

2. Journalize the
transactions

8. Journalize and post

closing entries

3. Post to ledger
accounts

7. Prepare financial
statements

4. Prepare a trial
balance

6. Prepare an adjusted
trial balance

5. Journalize and post

adjusting entries

Correcting entries
Se prepara cuando se descubre el
error.
Debe reconocerse antes de las
entradas de cierre.
Otra forma de corregir el reversar la
entrada incorrecta y preparar la
entrada correcta.

Correcting
Correcting EntriesAn
EntriesAn Avoidable
Avoidable
Step
Step
At Batavia Company, the following errors were discovered
after the transactions had been journalized and posted.
Prepare the correcting entries.
1. A collection on account from a customer was recorded
as a debit to Cash and a credit to Service Revenue for
$780.
Incorrect
Cash
780
entry
Service revenue
780
Correct entry

Cash

780

Accounts receivable
Correcting
entry

Service revenue
Accounts receivable

780
780
780

Correcting
Correcting EntriesAn
EntriesAn Avoidable
Avoidable
Step
Step
At Batavia Company, the following errors were
discovered after the transactions had been journalized
and posted. Prepare the correcting entries.
2. The purchase of supplies on account for $1,570 was
recorded as a debit to Store Supplies and a credit to
Accounts Payable for $1,750.
Incorrect
entry

Store Supplies

Correct
entry

Store Supplies

Correcting
entry

1,750

Accounts payable

1,750
1,570

Accounts payable
Accounts payable
Store Supplies

1,750

Store Supplies

1,570

Accounts payable

1,570
1,750
1,570

Clasificacin del Balance

sheet
Presenta un punto de partida.
Ayuda a entender los activos y pasivos
simlares en compaas parecidas.

Standard
Classifications

Assets
Equity

Liabilities and Owners

Current assets
Current liabilities
Long-term investments
Long-term liabilities
Property, plant, and equipment Owners equity
Intangible assets

Cash, and other resources that are

reasonably expected to be realized in cash or
sold or consumed in the business within one
year or the operating cycle, are called:
a. Current assets.
b. Intangible assets.
c. Long-term investments.
d. Property, plant, and equipment.

Property, Plant, and

Equipment
Long useful lives.
Currently used in operations.
Depreciation - allocating the cost of assets
to a number of years.
Accumulated depreciation - total amount
of depreciation expensed thus far in the
assets life.

Patents and copyrights are

a. Current assets.
b. Intangible assets.
c. Long-term investments.
d. Property, plant, and equipment.

Classify balance sheet

Current Liabilities
Obligations the company is to pay within
the coming year.
Usually list notes payable first, followed by
accounts payable. Other items follow in
order of magnitude.
Liquidity - ability to pay obligations
expected to be due within the next year.

Which of the following is not a long-term

liability?
a. Bonds payable
b. Current maturities of long-term obligations
c. Long-term notes payable
d. Mortgages payable

Reversing Entries
It is often helpful to reverse some of the
adjusting entries before recording the regular
transactions of the next period.
Companies make a reversing entry at the
beginning of the next accounting period.
Each reversing entry is the exact opposite
of the adjusting entry made in the
previous period.
The use of reversing entries does not
change the amounts reported in the
financial statements.