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Contabilidad Bsica I

ACCO 111
Taller III
Profesor Noel Ortiz Torres

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

Repaso taller II
Anlisis y registro de transacciones
1.
2.

3.
4.
5.

Dbito y crdito
Balance normal de las cuentas;
assets, liabilities, owners
equity, revenues and
expenses.
Diario (journal)
Mayor general (general ledger)
Balance de comprobacin (trial
balance)

Prctica
Kate Rivera prepar las siguientes

transacciones en el diario durante el mes de


Date
Account title
Ref
Debit
Credit
marzo:
and
explanation

Mar 4

Cash

2,280

Service
Revenue
Mar
15

Wages expense
Cash

2,280
400
400

Mar
Utilities
92
19
expense
balances finales. El balance inicial de cash March 1, $600.
92
2. Prepare Cash
el trial balance
1. Traslade las entradas al mayor general y determine los

Taller Tres
Proceso de Ajustes

Profesor Noel Ortiz

Objetivos
1. Identificar el concepto de periodo
contable.
2. Distinguir entre el principio de
reconocimiento del ingreso y el de
pareo de ingresos y gastos.
3. Identificar y preparar ajustes en
partidas por acumulacin y partidas
prepagadas.
4. Describir la naturaleza y propsito
del balance de comprobacin

Principio de reconocer
ingresos
Las compaas reconocen el

ingreso en el periodo en el cual el


ingreso se gana.
En las empresas de servicios se
reconoce cuando se brinda el
servicio.
Cliente
solicita
servicio

Brinda
servicio

Recibe el
pago

Reconocer Ingresos y Gastos

Principio de Pareo
Parear los gastos con los ingresos
en el periodo que la compaa
hace el esfuerzo en generar esos
ingresos.

Gastos
Publicidad

Acarreo

Utilidades

One of the following statements about the accrual basis of


accounting is false. That statement is:
a. Events that change a companys financial statements

are recorded in the periods in which the events occur.

b. Revenue is recognized in the period in which it is

earned.

c. The accrual basis of accounting is in accord with

generally accepted accounting principles.

d. Revenue is recorded only when cash is received, and

expenses are recorded only when cash is paid.

Ajustes Bsicos
Las entradas de ajustes se

hacen para reportar las


cantidades correctas en el
balance sheet e income
statement.
Una compaa debe hacer
entradas de ajustes siempre
que prepare los estados
financieros.

Ajustes Bsicos
1.

Ingresos (Revenues) se reconocen en el


perodo en el cul se gana.

2.

Gastos (Expenses) se reconocen en el


perodo que se incurre.

3.

Ajustes (Adjusting entries) Tiene que


asegurarse que se cumple con principio
de pareo y reconocer ingresos

Adjusting entries are made to ensure that:


a. expenses are recognized in the period in which
they are incurred.
b. revenues are recorded in the period in which
they are earned.
c. balance sheet and income statement accounts
have correct balances at the end of an
accounting period.
d. all of the above.

Diferido (Deferrals)
1.

Prepaid Expenses.
Gastos pagados por
adelantados se reconocen
como activos antes de que
sean utilizados o
consumido.

2. Unearned Revenues.
El ingreso recibido y
reconocido como pasivo
antes que el se brinde el
servicio.

Acumulacin (Accruals)

3. Accrued Revenues.
Ingreso ganado pero no se
ha recibido el efectivo o
reconocido el ingreso. Se
reconoce como activo.
4.

Accrued Expenses.
Gasto incurrido pero no
pagado o reconocido. Se
reconoce como pasivo.

Pagos por adelantado, se reconocen como activos


porque el servicio o beneficio se recibir en el
futuro.

Cash Payment

BEFORE

Expense Recorded

Prepayments often occur in regard to:

insurance
supplies
advertising

rent
maintenance on equipment
fixed assets (depreciation)

Gastos
prepagados

Costo que expira al pasar el

tiempo por el uso.


Entrada ajuste:
1. Reconoce el gasto que
aplica en el periodo de
contabilidad corriente.
2. El costo sin gastar se
demuestra en las cuentas
de activos.

On Jan. 1st, Phoenix Consulting


paid $12,000 for 12 months of insurance coverage.
Show the journal entry to record the payment on
Jan. 1st.
Example (Insurance):
(Insurance

Jan. 1

Prepaid Insurance

12,000

Cash
Prepaid Insurance
Debit
Credit
12,000

12,000
Cash
Debit

Credit
12,000

On Jan. 1st, Phoenix Consulting


paid $12,000 for 12 months of insurance coverage.
Show the adjusting journal entry required at Jan.
31st.
Example (Insurance):

Jan. 31

Insurance Expense

1,000

Prepaid Insurance
Prepaid Insurance
Debit
Credit
12,000
11,000

1,000

1,000
Insurance Expense
Debit
Credit
1,000

Depreciation
Buildings, equipment, and vehicles
(long-lived assets) se reconocen como
activos en el ao que se adquirieron en
vez de gastos.
Las compaas reportan una porcin del
costo de los activos como gasto
durante el perodo de vida til
(Matching Principle).

On Jan. 1st, Phoenix


Consulting paid $24,000 for equipment that
has an estimated useful life of 20 years.
Show the journal entry to record the
purchase of the equipment on Jan. 1st.
Example (Depreciation):

Jan. 1

Equipment

24,000

Cash
Equipment
Debit
24,000

Credit

24,000
Cash
Debit

Credit
24,000

On Jan. 1st, Phoenix Consulting


paid $24,000 for equipment that has an estimated
useful life of 20 years. Show the adjusting journal
entry required at Jan. 31st.
($24,000 / 20 yrs. / 12
Example (Depreciation):

months = $100)

Jan. 31

Depreciation Expense
Accumulated Depreciation

Depreciation Expense
Debit
Credit
100

100
100

Accumulated Depreciation
Debit
Credit
100

Depreciation (Statement Presentation)


Accumulated Depreciation is a contra asset account.
Appears just after the account it offsets (Equipment) on the
balance sheet.

Balance Sheet

Jan. 31

Assets
Equipment
Accumulated Depreciation
Net Equipment

24,000
(100)
23,900

Recibi el dinero y se reconoce como pasivo


por que no se ha ganado el dinero

Cash Receipt

BEFORE

Revenue Recorded

Unearned revenues often occur in regard to:

rent
airline tickets
school tuition

magazine subscriptions
customer deposits

On Jan. 1st, Phoenix Consulting received


$24,000 from Arcadia High School for 3 months
rent in advance. Show the journal entry to record
the receipt on Jan. 1st.
Example:
Example

Jan. 1

Cash

24,000

Unearned Rent Revenue


Cash
Debit
24,000

Credit

24,000

Unearned Rent Revenue


Debit
Credit
24,000

On Jan. 1st, Phoenix Consulting received


$24,000 from Arcadia High School for 3 months
rent in advance. Show the adjusting journal
entry required on Jan. 31st.
Example:

Jan. 31

Unearned Rent Revenue

8,000

Rent Revenue
Rent Revenue
Debit
Credit
8,000

8,000
Unearned Rent Revenue
Debit
Credit
8,000

24,000
16,000

Ingresos ganados y no se ha recibido el cash.

Adjusting entry results in:


Revenue Recorded

BEFORE

Accrued revenues often occur in regard to:

rent
interest
services performed

Cash Receipt

Ingresos Acumulados

La acumulacin de ingresos
tiene dos propsitos:
1.Demostrar las cuentas a
cobrar que tiene la empresa.
2.Reconocer los ingresos
ganados.

On Jan. 1st, Phoenix Consulting invested


$300,000 in securities that return 5% interest
per year. Show the journal entry to record the
investment on Jan. 1st.
Example:

Jan. 1

300,00
0 300,000

Investments
Cash

Investments
Debit
Credit
300,000

Cash
Debit

Credit
300,000

On Jan. 1st, Phoenix Consulting invested


$300,000 in securities that return 5% interest
per year. Show the adjusting journal entry
required on Jan. 31st. ($300,000 x 5% / 12
Example:

months = $1,250)

Jan. 31

Interest Receivable

1,250

Interest Revenue
Interest Receivable
Debit
Credit
1,250

1,250
Interest Revenue
Debit
Credit
1,250

Gastos incurridos y
no pagados
Adjusting entry results in:
Expense Recorded

BEFORE

Cash Payment

Accrued expenses often occur in regard to:

rent
interest

taxes
salaries

Gastos Acumulados
Tiene dos propsitos:
Reconoce las

obligaciones.
Reconoce los gastos.

On Jan. 2nd, Phoenix Consulting borrowed


$200,000 at a rate of 9% per year. Interest is
due on first of each month. Show the journal entry
to record the borrowing on Jan. 2nd.
Example:

Jan. 2

Cash
Notes Payable

Cash
Debit
200,000

Credit

200,00
0 200,000
Notes Payable
Debit
Credit
200,000

On Jan. 2nd, Phoenix Consulting borrowed


$200,000 at a rate of 9% per year. Interest is due on
first of each month. Show the adjusting journal entry
required on Jan. 31st. ($200,000 x 9% / 12 months =
Example:

$1,500)

Jan. 31

Interest Expense

1,500

Interest Payable
Interest Expense
Debit
Credit
1,500

1,500
Interest Payable
Debit
Credit
1,500

Trial Balance Ajustado


Luego de reconocer todos

los ajustes, se prepara otro


trial balance ajustado.

Which of the following statements is incorrect


concerning the adjusted trial balance?
a. An adjusted trial balance proves the equality of the

total debit balances and the total credit balances in


the ledger after all adjustments are made.

b. The adjusted trial balance provides the primary

basis for the preparation of financial statements.

c. The adjusted trial balance lists the account balances

segregated by assets and liabilities.

d. The adjusted trial balance is prepared after the

adjusting entries have been journalized and posted.

Adjusted Trial Balance

Debit

Cash
$ 50,000
Accounts receivable
35,000
Interest receivable
1,250
Prepaid insurance
11,000
Equipment
24,000
Accumulated depreciation
Investments
300,000
Accounts payable
Interest payable
Unearned revenue
Note payable
Austin, capital
Sales
Interest revenue
Rent revenue
Interest expense
1,500
Depreciation expense
100
Insurance expense
1,000
$ 423,850

Credit

100
20,000
1,500
16,000
200,000
40,000
137,000
1,250
8,000

$ 423,850

Income Statement

Adjusted Trial Balance

Debit

Cash
$ 50,000
Accounts receivable
35,000
Interest receivable
1,250
Prepaid insurance
11,000
Equipment
24,000
Accumulated depreciation
Investments
300,000
Accounts payable
Interest payable
Unearned revenue
Note payable
Austin, capital
Sales
Interest revenue
Rent revenue
Interest expense
1,500
Depreciation expense
100
Insurance expense
1,000
$ 423,850

Credit

100
20,000
1,500
16,000
200,000
40,000
137,000
1,250
8,000

$ 423,850

Statement of
Owners Equity

Adjusted Trial Balance

Debit

Cash
$ 50,000
Accounts receivable
35,000
Interest receivable
1,250
Prepaid insurance
11,000
Equipment
24,000
Accumulated depreciation
Investments
300,000
Accounts payable
Interest payable
Unearned revenue
Note payable
Austin, capital
Sales
Interest revenue
Rent revenue
Interest expense
1,500
Depreciation expense
100
Insurance expense
1,000
$ 423,850

Credit

100
20,000
1,500
16,000
200,000
40,000
137,000
1,250
8,000

$ 423,850

Alternative Treatment for Prepaid Expenses


On Dec. 1st, Phoenix Consulting
paid $12,000 for 12 months of insurance coverage.
Show the journal entry to record the payment on
Dec. 1st.
Example (Insurance):

Dec. 1

Insurance Expense

12,000

Cash
Insurance Expense
Debit
Credit
12,000

12,000
Cash
Debit

Credit
12,000

Alternative Treatment for Prepaid Expenses


On Dec. 1st, Phoenix
Consulting paid $12,000 for 12 months of
insurance coverage. Show the adjusting journal
entry required at Dec. 31st.
Example (Insurance):

Dec. 31

Prepaid Insurance

11,000

Insurance Expense
Insurance Expense
Debit
Credit
12,000
1,000

11,000

Prepaid Insurance
Debit
Credit
11,000

11,000

On Dec. 1st, Phoenix Consulting


received $24,000 from Arcadia High
School for 3 months rent in advance.
Show the journal entry to record the
receipt on Dec. 1st.
Example:

Dec. 1

Cash
Rent Revenue

Cash
Debit
24,000

Credit

24,000
24,000
Rent Revenue
Debit
Credit
24,000

On Dec. 1st, Phoenix Consulting


received $24,000 from Arcadia High School
for 3 months rent in advance. Show the
adjusting journal entry required on Dec. 31st.
Example:

Dec. 31

Rent Revenue

16,000

Unearned Rent Revenue


Unearned Rent Revenue
Debit
Credit
16,000

16,000

Rent Revenue
Debit
Credit
16,000

24,000
8,000

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