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ch03 kieso中级会计学英文课件


Understanding the Accounting Information System

Chapter

3
Intermediate Accounting 12th Edition Kieso, Weygandt, and Warfield

Chapter 3-1

Prepared by Coby Harmon, University of California, Santa Barbara

Learning Objectives
1. 2. Understand basic accounting terminology. Explain double-entry rules.

3.
4.

Identify steps in the accounting cycle.
Record transactions in journals, post to ledger accounts, and prepare a trial balance.

5.
6. 7. 8.
Chapter 3-2

Explain the reasons for preparing adjusting entries.
Prepare financial statement from the adjusted trial balance. Prepare closing entries. Explain how to adjust inventory accounts at year-end.

Accounting Information System

Accounting Information System
Basic terminology

The Accounting Cycle
Identification and recording Journalizing Posting Trial balance Adjusting entries Adjusted trial balance

Debits and credits
Basic equation Financial statements and ownership structure

Preparing financial statements Closing
Post-closing trial balance Reversing entries
Chapter 3-3

Financial statements for merchandisers

Accounting Information System
An Accounting Information System (AIS)
collects and processes transaction data and disseminates the information to interested parties.

Chapter 3-4

Accounting Information System
Helps management answer such questions as:
How much and what kind of debt is outstanding? Were sales higher this period than last? What assets do we have? What were our cash inflows and outflows? Did we make a profit last period?

Chapter 3-5

LO 1 Identify the major financial statements and other means of financial reporting..

Basic Terminology
Event Transaction Account Real Account Nominal Account Ledger Journal Posting Trial Balance Adjusting Entries Financial Statements Closing Entries

Chapter 3-6

LO 1 Understand basic accounting terminology.

Debits and Credits
An Account shows the effect of transactions on a given asset, liability, equity, revenue, or expense account. Double-entry accounting system (two-sided effect). Recording done by debiting at least one account and crediting another. DEBITS must equal CREDITS.

Chapter 3-7

LO 2 Explain double-entry rules.

Debits and Credits
Account
An arrangement that shows the effect of transactions on an account. Debit = “Left” Credit = “Right”

An Account can be illustrated in a T-Account form.

Account Name
Debit / Dr. Credit / Cr.

Chapter 3-8

LO 2 Explain double-entry rules.

Debits and Credits
If Debit entries are greater than Credit entries, the account will have a debit balance.
Account Name
Debit / Dr. Credit / Cr.

Transaction #1 Transaction #3 Balance

$10,000 8,000 $15,000

$3,000

Transaction #2

Chapter 3-9

LO 2 Explain double-entry rules.

Debits and Credits
If Credit entries are greater than Debit entries, the account will have a credit balance.
Account Name
Debit / Dr. Credit / Cr.

Transaction #1

$10,000

$3,000 8,000

Transaction #2 Transaction #3

Balance

$1,000

Chapter 3-10

LO 2 Explain double-entry rules.

Debits and Credits Summary
Liabilities

Normal Balance Debit
Assets
Debit / Dr. Credit / Cr.

Normal Balance Credit
Equity
Debit / Dr.
Chapter 3-24

Debit / Dr.

Credit / Cr.

Normal Balance

Credit / Cr.

Normal Balance Normal Balance
Chapter 3-23

Expense
Debit / Dr. Credit / Cr.

Chapter 3-25

Revenue
Debit / Dr. Credit / Cr.

Normal Balance

Normal Balance

Chapter 3-27

Chapter 3-26

Chapter 3-11

LO 2 Explain double-entry rules.

Debits and Credits Summary
Balance Sheet Asset = Liability + Equity Debit Income Statement Revenue - Expense =

Credit

Chapter 3-12

LO 2 Explain double-entry rules.

Basic Accounting Equation
Relationship among the assets, liabilities and stockholders? equity of a business:
Illustration 3-3

The equation must be in balance after every transaction. For every Debit there must be a Credit.
Chapter 3-13

LO 2 Explain double-entry rules.

Double-Entry System Exercise
1. Invested $32,000 cash and equipment valued at $14,000 in the business. Assets

=

Liabilities

+

Stockholders? Equity

+ 32,000

+ 46,000

+ 14,000

Chapter 3-14

LO 2 Explain double-entry rules.

Double-Entry System Exercise
2. Paid office rent of $600 for the month.

Assets

=

Liabilities

+

Stockholders? Equity

- 600

(expense)

- 600

Chapter 3-15

LO 2 Explain double-entry rules.

Double-Entry System Exercise
3. Received $3,200 advance on a management consulting engagement. Assets

=

Liabilities

+

Stockholders? Equity

+ 3,200

+ 3,200

Chapter 3-16

LO 2 Explain double-entry rules.

Double-Entry System Exercise
4. Received cash of $2,300 for services completed for Shuler Co. Assets

=

Liabilities

+

Stockholders? Equity

+ 2,300

+ 2,300
(revenue)

Chapter 3-17

LO 2 Explain double-entry rules.

Double-Entry System Exercise
5. Purchased a computer for $6,100.

Assets

=

Liabilities

+

Stockholders? Equity

+ 6,100

- 6,100

Chapter 3-18

LO 2 Explain double-entry rules.

Double-Entry System Exercise
6. Paid off liabilities of $7,000.

Assets

=

Liabilities

+

Stockholders? Equity

- 7,000

- 7,000

Chapter 3-19

LO 2 Explain double-entry rules.

Double-Entry System Exercise
7. Declared a cash dividend of $10,000.

Assets

=

Liabilities

+

Stockholders? Equity

+ 10,000

- 10,000

Note that the accounting equation equality is maintained after recording each transaction.
Chapter 3-20

LO 2 Explain double-entry rules.

Ownership Structure
Ownership structure dictates the types of accounts that are part of the equity section.
Proprietorship or Partnership
? ?

Corporation
Common Stock Additional Paid-in Capital Dividends Declared Retained Earnings

Capital Account Drawing Account

? ? ? ?

Chapter 3-21

LO 2 Explain double-entry rules.

Corporation Ownership Structure
Balance Sheet
Illustration 3-4

Stockholders? Equity
Common Stock
(Investment by stockholders)

(Net income retained in business)

Retained Earnings

Dividends

Net income or Net loss
(Revenues less expenses)

Income Statement

Statement of Retained Earnings
Chapter 3-22

LO 2 Explain double-entry rules.

The Accounting Cycle
Transactions 9. Reversing entries 8. Post-closing trail balance 7. Closing entries 6. Financial Statements
Work Sheet Illustration 3-6

1. Journalization 2. Posting 3. Trial balance 4. Adjustments

5. Adjusted trial balance
Chapter 3-23

LO 3 Identify steps in the accounting cycle.

Transactions and Events
What to Record? FASB states, “transactions and other events and circumstances that affect a business enterprise.”

Types of Events:
External – between a business and its environment. Internal – event occurring entirely within a business.

Chapter 3-24

LO 3 Identify steps in the accounting cycle.

Review “Transactions and Events”
External Internal Not Recorded External External

1.

A supplier of a company?s raw material is paid an amount owed on account.

2. A customer pays its open account.

3. A new chief executive officer is hired.
4. The biweekly payroll is paid. 5. Raw materials are entered into production. 6. A new advertising agency is hired. 7. The accountant determines the federal income taxes owed based on the income earned.
Chapter 3-25

Not Recorded
External Internal Not Recorded Internal

LO 3 Identify steps in the accounting cycle.

1. Journalizing
General Journal – a chronological record of transactions. Journal Entries are recorded in the journal.
General Journal
Date Jan. 3 Account Title Cash Common stock 10 Building Note payable Ref. 100 300 130 220 150,000 150,000 Debit 100,000 100,000 Credit

Chapter 3-26

LO 4 Record transactions in journals, post to ledger accounts, and prepare a trial balance.

2. Posting
Posting – the process of transferring amounts from the journal to the ledger accounts.
General Journal
Date Jan. 3 Account Title Cash Common stock Ref. Debit 100,000 100,000

GJ1
Credit

100

General Ledger Cash
Date Explanation Ref. Debit

Acct. No. 100
Credit Balance

Jan. 3 Sale of stock

GJ1

100,000

100,000

Chapter 3-27

LO 4 Record transactions in journals, post to ledger accounts, and prepare a trial balance.

3. Trial Balance
Trial Balance – a list of each account and its balance; used to prove equality of debit and credit balances.
Acct. No. 100 105 110 130 200 220 300 330 400 500 Account Cash Accounts receivable Inventory Building Accounts payable Note payable Common stock Retained earnings Sales Cost of goods sold Debit $ 140,000 35,000 30,000 150,000 $ 60,000 150,000 100,000 75,000 30,000 $ 385,000 $ 385,000 Credit

Chapter 3-28

LO 4 Record transactions in journals, post to ledger accounts, and prepare a trial balance.

4. Adjusting Entries
Revenues - recorded in the period in which they are earned. Expenses - recognized in the period in which they are incurred. Adjusting entries - needed to ensure that the revenue recognition and matching principles are followed.

Chapter 3-29

LO 5

Explain the reasons for preparing adjusting entries.

Classes of Adjusting Entries
Prepayments
1. Prepaid Expenses. Expenses paid in cash and recorded as assets before they are used or consumed. 2. Unearned Revenues. Revenues received in cash and recorded as liabilities before they are earned.

Accruals

Illustration 3-20

3. Accrued Revenues. Revenues earned but not yet received in cash or recorded. 4. Accrued Expenses. Expenses incurred but not yet paid in cash or recorded.

Chapter 3-30

LO 5

Explain the reasons for preparing adjusting entries.

Adjusting Entries – “Prepaid Expenses”
Payment of cash that is recorded as an asset because service or benefit will be received in the future. Cash Payment
BEFORE

Expense Recorded

Prepayments often occur in regard to:
insurance supplies advertising rent maintenance on equipment fixed assets

Chapter 3-31

LO 5

Explain the reasons for preparing adjusting entries.

Adjusting Entries – “Prepaid Expenses”
Example: On Jan. 1st, Phoenix Corp. paid $12,000 for 12
months of insurance coverage. Show the journal entry to record the payment on Jan. 1st. Jan. 1 Prepaid insurance Cash
Prepaid Insurance Cash

12,000 12,000

Debit
12,000

Credit

Debit

Credit
12,000

Chapter 3-32

LO 5

Explain the reasons for preparing adjusting entries.

Adjusting Entries – “Prepaid Expenses”
Example: On Jan. 1st, Phoenix Corp. paid $12,000 for 12
months of insurance coverage. Show the adjusting journal entry required at Jan. 31st. Jan. 31 Insurance expense Prepaid insurance
Prepaid Insurance

1,000 1,000
Insurance expense

Debit
12,000 11,000
Chapter 3-33

Credit
1,000

Debit
1,000

Credit

LO 5

Explain the reasons for preparing adjusting entries.

Adjusting Entries – “Unearned Revenues”
Receipt of cash that is recorded as a liability because the revenue has not been earned. Cash Receipt
BEFORE

Revenue Recorded

Unearned revenues often occur in regard to:
rent airline tickets school tuition magazine subscriptions customer deposits

Chapter 3-34

LO 5

Explain the reasons for preparing adjusting entries.

Adjusting Entries – “Unearned Revenues”
Example: On Nov. 1st, Phoenix Corp. received $24,000 from
Arcadia High School for 3 months rent in advance. Show the journal entry to record the receipt on Nov. 1st.
Nov. 1 Cash Unearned rent revenue
Cash

24,000 24,000

Unearned Rent Revenue

Debit
24,000

Credit

Debit

Credit
24,000

Chapter 3-35

LO 5

Explain the reasons for preparing adjusting entries.

Adjusting Entries – “Unearned Revenues”
Example: On Nov. 1st, Phoenix Corp. received $24,000 from
Arcadia High School for 3 months rent in advance. Show the adjusting journal entry required on Nov. 30th.
Nov. 30 Unearned rent revenue Rent revenue
Rent Revenue

8,000 8,000

Unearned Rent Revenue

Debit

Credit
8,000

Debit
8,000

Credit
24,000 16,000

Chapter 3-36

LO 5

Explain the reasons for preparing adjusting entries.

Adjusting Entries – “Accrued Revenues”
Revenues earned but not yet received in cash or recorded. Adjusting entry results in: Revenue Recorded
BEFORE

Cash Receipt

Accrued revenues often occur in regard to:
rent interest services performed
Chapter 3-37

LO 5

Explain the reasons for preparing adjusting entries.

Adjusting Entries – “Accrued Revenues”
Example: On July 1st, Phoenix Corp. invested $300,000 in
securities that return 5% interest per year. Show the journal entry to record the investment on July 1st.
July 1 Investments Cash
Investments Cash

300,000 300,000

Debit
300,000

Credit

Debit

Credit
300,000

Chapter 3-38

LO 5

Explain the reasons for preparing adjusting entries.

Adjusting Entries – “Accrued Revenues”
Example: On July 1st, Phoenix Corp. invested $300,000 in
securities that return 5% interest per year. Show the adjusting journal entry required on July 31st.
July 31 Interest receivable Interest revenue
Interest Receivable

1,250 1,250
Interest Revenue

Debit
1,250

Credit

Debit

Credit
1,250

Chapter 3-39

LO 5

Explain the reasons for preparing adjusting entries.

Adjusting Entries – “Accrued Expenses”
Expenses incurred but not yet paid in cash or recorded. Adjusting entry results in: Expense Recorded
BEFORE

Cash Payment, if any*

Accrued expenses often occur in regard to:
rent interest taxes
Chapter 3-40

salaries bad debts*

LO 5

Explain the reasons for preparing adjusting entries.

Adjusting Entries – “Accrued Expenses”
Example: On Feb. 2nd, Phoenix Corp. 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 Feb. 2nd.
Feb. 2 Cash Notes payable
Cash

200,000 200,000
Notes Payable

Debit
200,000

Credit

Debit

Credit
200,000

Chapter 3-41

LO 5

Explain the reasons for preparing adjusting entries.

Adjusting Entries – “Accrued Expenses”
Example: On Feb. 2nd, Phoenix Corp. 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 Feb. 28th.
Feb. 28 Interest expense Interest payable
Interest Expense

1,500 1,500
Interest Payable

Debit
1,500

Credit

Debit

Credit
1,500

Chapter 3-42

LO 5

Explain the reasons for preparing adjusting entries.

5. Adjusted Trial Balance
Shows the balance of all accounts, after adjusting entries, at the end of the accounting period.

Chapter 3-43

LO 5

Explain the reasons for preparing adjusting entries.

6. Preparing Financial Statements
Financial Statements are prepared directly from the Adjusted Trial Balance.

Balance Sheet

Income Statement

Statement of Retained Earnings

Statement of Cash Flows

Chapter 3-44

LO 6 Prepare financial statement from the adjusted trial balance.

6. Preparing Financial Statements
Assume the following Adjusted Trial Balance
Adjusted Trial Balance Cash Accounts receivable Building Note payable Common stock Retained earnings Dividends declared Sales Interest income Cost of goods sold Salary expense Depreciation expense Debit $ 140,000 35,000 190,000 $ 150,000 100,000 38,000 10,000 185,000 17,000 47,000 25,000 43,000 $ 490,000 Credit

Balance Sheet
Balance Sheet Assets Cash Accounts receivable Building Total assets Liabilities Note payable Stockholders' equity Common stock Retained earnings Total liab. & equity $ 140,000 35,000 190,000 $ 365,000 150,000 100,000 115,000 $ 365,000

$ 490,000

Chapter 3-45

LO 6 Prepare financial statement from the adjusted trial balance.

6. Preparing Financial Statements
Assume the following Adjusted Trial Balance
Adjusted Trial Balance Cash Accounts receivable Building Note payable Common stock Retained earnings Dividends declared Sales Interest income Cost of goods sold Salary expense Depreciation expense Debit $ 140,000 35,000 190,000 $ 150,000 100,000 38,000 10,000 185,000 17,000 47,000 25,000 43,000 $ 490,000 Credit

Income Statement
Income Statement Revenues: Sales Interest income Total revenue Expenses: Cost of goods sold Salary expense Depreciation expense Total expenses Net income $ 185,000 17,000 202,000 47,000 25,000 43,000 115,000 $ 87,000

$ 490,000

Chapter 3-46

LO 6 Prepare financial statement from the adjusted trial balance.

6. Preparing Financial Statements
Assume the following Adjusted Trial Balance
Adjusted Trial Balance Cash Accounts receivable Building Note payable Common stock Retained earnings Dividends declared Sales Interest income Cost of goods sold Salary expense Depreciation expense Debit $ 140,000 35,000 190,000 $ 150,000 100,000 38,000 10,000 185,000 17,000 47,000 25,000 43,000 $ 490,000 Credit

Statement of Retained Earnings
Statement of Retained Earnings Beginning balance + Net income - Dividends Ending balance $ 38,000 87,000 (10,000) 115,000

$ 490,000

Chapter 3-47

LO 6 Prepare financial statement from the adjusted trial balance.

7. Closing Entries
To reduce the balance of the income statement (revenue and expense) accounts to zero.

To transfer net income or net loss to owner?s equity.
Balance sheet (asset, liability, and equity) accounts are not closed. Dividends are closed directly to the Retained Earnings account.

Chapter 3-48

LO 7 Prepare closing entries.

7. Closing Entries
Example: Assume the following Adjusted Trial Balance
Acct. No. 100 105 130 220 300 330 380 400 430 500 520 550 Account Cash Accounts receivable Building Note payable Common stock Retained earnings Dividends declared Sales Interest income Cost of goods sold Salary expense Depreciation expense Debit $ 140,000 35,000 190,000 $ 150,000 100,000 38,000 10,000 185,000 17,000 47,000 25,000 43,000 $ 490,000 Credit

$ 490,000

Chapter 3-49

LO 7 Prepare closing entries.

7. Closing Entries
Example: Prepare the Closing journal entry from the
adjusted trial balance on the previous slide.
Sales Interest income Income summary Income summary Cost of goods sold Salary expense Depreciation expense 185,000 17,000 115,000

202,000 47,000 25,000 43,000 87,000

Income summary Retained earnings
Retained earnings Dividends declared
Chapter 3-50

87,000
10,000

10,000

LO 7 Prepare closing entries.

8. Post-Closing Trial Balance
Example continued:
Acct. No. 100 105 130 220 300 330 380 400 430 500 520 550 Account Cash Accounts receivable Building Note payable Common stock Retained earnings Dividends declared Sales Interest income Cost of goods sold Salary expense Depreciation expense Debit $ 140,000 35,000 190,000 $ 150,000 100,000 115,000 $ 365,000 Credit

$ 365,000

Chapter 3-51

LO 7 Prepare closing entries.

9. Reversing Entries
Reversing entries is an optional step that a company may perform at the beginning of the next accounting period.

Chapter 3-52

LO 7 Prepare closing entries.

Perpetual Inventory System
Inventory account increased with each purchase. Inventory account reduced and Cost of Goods Sold account increased with each sale. Balance in Inventory account should equal inventory amount on hand. No Adjusting Entries should be needed. Physical inventory performed to confirm balance in Inventory account.

Chapter 3-53

LO 8 Explain how to adjust inventory accounts at year-end.

Periodic Inventory System
Inventory account remains unchanged during period. Purchases account increased with each purchase. At end of accounting period: Purchases account closed.

Inventory account adjusted to physical count.

Chapter 3-54

LO 8 Explain how to adjust inventory accounts at year-end.

Copyright
Copyright ? 2007 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make back-up copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein.

Chapter 3-55


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