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BASIC ACCOUNTING
EQUATION
STUDY OBJECTIVE 6
Assets
=
Liabilities
+
Owner’s Equity
The Accounting Equation
1-3
Assets = Liabilities + Owner’s Equity
The resources
owned by a
business
3
The Accounting Equation
1-3
Assets = Liabilities + Owner’s Equity
The rights of
the creditors,
which represent
debts of the
business
4
1-3
The Accounting Equation
Assets = Liabilities + Owner’s Equity
The rights of
the owners
5
OWNER’S EQUITY AS A
BUILDING BLOCK
 Owner’s Equity = total assets minus
total
liabilities. (A - L = O.E.)
 Owner’s
Equity represents the
ownership claim to total assets.
 Subdivisions of Owner’s Equity:
1 Capital or Investments by Owner (+)
2 Drawing (-)
3 Revenues (+)
4 Expenses (-)
INVESTMENTS BY OWNERS AS A
BUILDING BLOCK

Investments
• are the assets the owner puts in the
business
• increase owner’s equity
DRAWINGS AS A BUILDING
BLOCK

Drawings
• are withdrawals of cash or other assets
by the owner for personal use
• decrease owner’s equity
REVENUES AS A
BUILDING BLOCK

Revenues
• gross increases in owner’s equity from
business activities entered into for the
purpose of earning income
• may result from sale of merchandise, services,
rental of property, or lending money
• usually result in an increase in an asset
EXPENSES AS A
BUILDING BLOCK
Expenses
• decreases in owner’s equity that result from operating
the business
• cost of assets consumed or services used in the process
of earning revenue
• examples: utility expense, rent expense, supplies
expense, and tax expense
INCREASES AND
DECREASES IN OWNER’S
EQUITY
INCREASES
Investments
by Owner
Revenues
DECREASES
Owner’s
Equity
Withdrawals
by Owner
Expenses
TRANSACTION IDENTIFICATION
PROCESS
STUDY OBJECTIVE 6
1-3
Example Exercise 1-2
Asep Sunarya is the owner and operator of Pasti Sukses, a motivational consulting
business.
At theaccounts
end of its accounting
Decembertrial
31, 2007,
Pastiof
Sukses has
The
following
appear inperiod,
the adjusted
balance
assets of Rp800,000,000 and liabilities of Rp350,000,000. Using the accounting
Hindsight
Consulting. Indicate whether each account would be
equation, determine the following amounts:
reported in the (a) current asset; (b) property, plant, and
a. Owner’s(c)
equity,
as of liability,
December(d)
31,long-term
2007.
equipment;
current
liability; or (e)
b. Owner’s
equity,
as of of
December
31, 2008, assuming
assets sheet
owner’s
equity
section
the December
31, 2007,that
balance
increased by Rp130,000,000 and liabilities decreased by Rp25,000,000
of Hindsight
Consulting.
during 2008.
Follow My Example 1-2
a.
A = L + OE
Rp800,000,000 = Rp350,000,000 + OE
OE = Rp450,000,000
b.
A = L + OE
Rp130,000,000 = –Rp25,000,000 + OE
OE = Rp155,000,000
OE on Dec. 31, 2008:
Rp605,000,000 (Rp450,000,000+Rp155,000,000)
36
13
1-4
@solusinet
On November 1, 2007, Cinta Cita
begins a business that will be
known as SolusiNet.
14
1-4
Assets
Cash
a.
25,000,000
=
=
Owner’s Equity
Cinta Cita, Capital
25,000,000
Investment by Cinta
Cita
a. Cinta Cita deposits Rp25,000,000 in a
bank account in the name of SolusiNet
40
15
1-4
(in Rp000)
Assets
Cash + Land
Bal. 25,000
b. –20,000
+20,000
Bal. 5,000
20,000
=
=
Owner’s Equity
Cinta Cita, Capital
25,000
25,000
b. SolusiNet exchanged Rp20,000,000 for
land.
41
16
1-4
(in Rp000)
Assets
Cash + Supplies + Land
Bal.
5,000
c.
Bal.
=
Accounts Cinta Cita,
Payable
Capital
20,000
+1,350
5,000
1,350
Owner’s
Liabilities + Equity
=
25,000
+1,350
20,000
1,350
25,000
c. During the month, SolusiNet purchased
supplies for Rp1,350,000 and agreed to
pay the supplier in the near future (on
account).
42
17
1-4
Beginning with entry (d) the
asset section will be shown
first, then the liabilities and
owner’s equity will be shown in
the following slide.
18
1-4
(in Rp000)
Assets
Cash + Supplies + Land
Bal.
d.
Bal.
5,000
1,350
20,000
1,350
20,000
+7,500
12,500
d. SolusiNet provided services to
customers, earning fees of Rp7,500,000
and received the amount in cash.
44
19
1-4
(in Rp000)
Liabilities +
Accounts
Payable
1,350
1,350
Owner’s Equity
Cinta Cita,
Fees
+Capital + Earned
25,000
+7,500
25,000
7,500
Bal.
d.
Bal.
d. SolusiNet provided services to
customers, earning fees of Rp7,500,000
and received the amount in cash.
45
20
Expenses
1-4
The amounts used in earning revenue are
called expenses. Adding expenses to the
owner’s equity section results in a space
problem. To adjust for these added
headings, the word “Bal.” has been
omitted from Slides 48, 50, 52, and 54.
The bottom row in these four slides
provides the balances after each
transaction.
21
1-4
(in Rp000)
Assets
Cash + Supplies + Land
Bal.
e.
12,500
–3,650
1,350
20,000
Bal.
8,850
1,350
20,000
e. SolusiNet paid the following expenses:
wages, Rp2,125,000; rent, Rp800,000;
utilities, Rp450,000; and miscellaneous,
Rp275,000.
47
22
1-4
(in Rp000)
Liabilities +
Owner’s Equity
Accounts
Cinta Cita, Fees
Wages Rent Utilities Misc.
Payable + Capital + Earned Expense Expense Expense Expense
1,350
25,000
7,500
1,350
25,000
7,500
–2,125
–2,125
–800
–800
–450
–450
e. SolusiNet paid the following expenses:
wages, Rp2,125,000; rent, Rp800,000;
utilities, Rp450,000; and miscellaneous,
Rp275,000.
–275 e.
–275
48
23
1-4
(in Rp000)
Assets
Cash + Supplies + Land
Bal.
f.
8,850
–950
1,350
20,000
Bal.
7,900
1,350
20,000
f. SolusiNet paid Rp950,000 to
creditors during the month.
49
24
1-4
(in Rp000)
Liabilities +
Owner’s Equity
Accounts
Cinta Cita, Fees
Wages Rent Utilities Misc.
Payable + Capital + Earned Expense Expense Expense Expense
–800
–450
–275
1,350
25,000
7,500 –2,125
–950
400
f.
25,000
7,500
–2,125
–800
–450
f. NetSolutions paid Rp950,000 to
creditors during the month.
–275
50
25
1-4
(in Rp000)
Assets
Cash + Supplies + Land
Bal.
g.
7,900
1,350
–800
20,000
Bal.
7,900
550
20,000
g. At the end of the month, the cost
of supplies on hand is Rp550,000,
so Rp800,000 of supplies were
used.
51
26
1-4
(in Rp000)
Liabilities +
Owner’s Equity
Accounts Cinta Cita, Fees Wages Rent Supplies Util. Misc.
Payable + Capital + Earned Exp. Exp. Exp. Exp. Exp.
400
25,000
7,500 –2,125 –800
–450 –275
g.
–800
400
25,000
7,500
–2,125
–800
–800
g. At the end of the month, the
cost of supplies on hand is
Rp550,000, so Rp800,000 of
supplies were used.
–450
–275
52
27
1-4
(in Rp000)
Assets
Cash + Supplies + Land
Bal.
h.
7,900
–2,000
550
20,000
Bal.
5,900
550
20,000
h. At the end of the month, Cinta
withdrew Rp2,000,000 in cash
from the business for personal
use.
53
28
1-4
(in Rp000)
Liabilities +
Owner’s Equity
Accounts Cinta Cita, Cinta Cita Fees Wages
Payable + Capital + Drawing Earned Exp.
400
25,000
7,500 –2,125
Rent Supplies Util. Misc.
Exp. Exp. Exp. Exp.
–800
–800
–450
–275
h.
–2,000
400
25,000
–2,000
7,500 –2,125
–800
–800
–450
h. At the end of the month, Cinta
withdrew Rp2,000,000 in cash from
the business for personal use.
–275
54
29
1-4
Owner’s Equity
Increased by
Decreased by
Owner’s investments
Owner’s withdrawals
Revenues
Expenses
55
30
2-1
Accounting systems are
designed to show the
increases and decreases in
each financial statement
item as a separate record.
This record is called an
account.
2-1
The T Account
Title
The T account has a title.
5
2-1
Title
Debit
Credit
Amounts
entered on
the left side
are debits.
8
2-1
Title
Debit
Credit
Amounts
entered on
the right side
are credits.
9
2-1
(In Rp 000)
Cash
(a)
(d)
25,000 (b)
7,500 (e)
(f)
(h)
Balance
20,000
3,650
950
2,000
5,900
Balance of the account
10
2-1
A group of accounts
for a business entity is
called a ledger.
2-1
A list of the accounts
in a ledger is called a
chart of accounts.
2-1
Assets are resources owned
by the business entity.
•
•
•
•
Cash
Supplies
Prepaid expenses
Buildings
2-1
Liabilities are debts owed
to outsiders (creditors).
• Accounts payable
• Notes payable
• Wages payable
2-1
Owner’s equity is the owner’s
right to the assets of the
business. A drawing account
represents the amount of
withdrawals by the owner.
2-1
Revenues are increases in
owner’s equity as a result
of selling services or
products to customers.
• Fees earned
• Commission revenue
• Rent revenue
2-1
The using up of assets or
consuming services in the
process of generating
revenues results in
expenses.
• Wages expense
• Rent expense
• Miscellaneous expense
Balance Sheet Accounts
@solusinet
(a) On November 1, Cita Cinta opens a
new business and deposits Rp.
25,000,000 in a bank account in
the name of SolusiNet.
2-1
2-1
Page 1
JOURNAL
Date
1
2
3
Description
2007
Nov. 1 Cash
P.R.
Debit
Credit
25 000 000
Cita Cinta, Capital
25 000 000
Invested cash in SolusiNet.
4
23
2-1
The effect of this entry is shown in the
accounts of SolusiNet as follows:
Cash
Cita Cinta, Capital
Nov. 1 25,000
Nov. 1
(In Rp 000)
25,000
2-1
@solusinet
(b) On November 5,
SolusiNet bought land
for Rp 20,000,000
paying cash.
2-1
5 Land
20 000 000
Cash
20 000 000
Purchased land for
building site.
26
2-1
@solusinet
(c) On November 10,
SolusiNet purchased
supplies on account for
Rp1,350,000
2-1
10 Supplies
Accounts Payable
1 350 000
1 350 000
Purchased supplies on
account.
28
2-1
@solusinet
(f) On November 30,
SolusiNet paid
creditors on
account, Rp.
950,000
2-1
30 Accounts Payable
Cash
950 000
950 000
Paid creditors on
account.
30
2-1
Balance Sheet Accounts
Debits
Asset accounts…….
Liability accounts.…
Owner’s equity
(capital) accounts…
Credits
Increase (+)
Decrease (-)
Decrease (-)
Increase (+)
Decrease (-)
Increase (+)
31
2-1
Balance Sheet Accounts
Asset Accounts
Debit for
increases
(+)
Liability Accounts
Credit for
decreases
(–)
Debit for
decreases
(–)
Credit for
increases
(+)
Owner’s Equity Accounts
Debit for
decreases
(–)
Credit for
increases
(+)
32
2-1
Example Exercise 2-1
Prepare a journal entry for the purchase of a truck on June
3 for Rp.42,500, 000 paying Rp.8,500,000 cash and the
remainder on account.
Follow My Example 2-1
June 3 Truck
Cash
Accounts Payable
For Practice: PE 2-1A, PE 2-1B
Rp. 42,500,000
8,500,000
34,000,000
33
Income Statement Accounts
@solusinet
(d) On November 18, SolusiNet
received fees of Rp7,500,000 from
customers for services provided.
2-1
2-1
30 Cash
7 500 000
Fees Earned
7 500 000
Received fees from
customers.
35
2-1
@solusinet
(e) Throughout the month, SolusiNet
incurred the following expenses:
wages, Rp. 2,125,000; rent Rp.
800,000; utilities, Rp. 450,000; and
miscellaneous, Rp.275,000.
2-1
30 Wages Expense
2 125 000
Rent Expense
800 000
Utilities Expense
450 000
Miscellaneous Expense
275 000
Cash
3 650000
Paid expenses.
37
2-1
@solusinet
(g) On November 30, a count
revealed that Rp.800,000 of
the supplies inventory had
been used during the month.
2-1
30 Supplies Expense
Supplies
800 000
800 000
Supplies used during
November.
39
2-1
Income Statement Accounts
Debits
Revenue accounts…
Expense accounts…
Decrease (-)
Increase (+)
Credits
Increase (+)
Decrease (-)
40
2-1
Income Statement Accounts
Revenue Accounts
Debit for
decreases
(–)
Less
Credit for
increases
(+)
Expense Accounts
Debit for
increases
(+)
Credit for
decreases
(–)
41
Continued
2-1
@solusinet
(h) On November 30, Cita Cinta
withdrew Rp.2,000,000 in cash
from SolusiNet for personal use.
2-1
2007
Nov 30 Cita Cinta, Drawing
Cash
2 000 000
2 000 000
Cita Cinta withdrew
cash for personal use.
46
2-2
@solusinet
Dec. 1 SolusiNet paid a premium of
Rp.2,400,000 for a
comprehensive insurance policy
covering liability, theft and fire.
The policy covers a one-year
period.
2-2
(In Rp. 000)
57
2-2
@solusinet
Dec. 1 SolusiNet paid rent for December,
Rp.800,000. The company from
which SolusiNet is renting its store
space requires the payment of rent
on the first of each month, rather
than at the end of the month.
2-2
1
Rent Expense
Cash
52
11
800 000
800 000
Paid rent for
December.
59
2-2
An alternative approach is to debit
Rent Expense for Rp.800,000 on
December 1. This avoids having to
transfer the balance to an expense
account at the end of the month.
2-2
SolusiNet received an offer from a local retailer to rent the land
purchased on November 5. The retailer plans to use the land as
a parking lot for its employees and customers. SolusiNet
agreed to rent the land to the retailer for three months, with
the rent payable in advance.
2-2
@solusinet
Dec. 1
SolusiNet receives Rp. 360,000 for three month’s
rent for use of its land beginning December 1.
1 Cash
11
Unearned Rent
23
360 000
360 000
Received advance
payment for three
months’ rent on land.
62
2-2
@solusinet
Dec. 4
4
SolusiNet purchased office equipment on account from
PD.Tunas Jaya. for Rp.1,800,000
Office Equipment
Accounts Payable
18 1 800 000
21
1 800 000
Purchased office
equipment on account.
63
2-2
@solusinet
Dec. 6 SolusiNet paid Rp.180,000 for
a newspaper advertisement.
6
Miscellaneous Expense
Cash
59
11
180 000
180 000
Paid for newspaper ad.
64
2-2
@solusinet
Dec. 11 SolusiNet paid
creditors Rp.400,000
11
Accounts Payable
Cash
21
11
400 000
400 000
Paid creditors on
account.
65
2-2
@solusinet
Dec. 13 SolusiNet paid a receptionist and
part-time assistant Rp.950,000
for two weeks’ wages.
13
Wages Expense
Cash
51
11
950 000
950 000
Paid two weeks’
wages.
66
2-2
@solusinet
Dec. 16 SolusiNet received
Rp.3,100,000 from fees earned
for the first half of December.
16 Cash
11
Fees Earned
41
3 100 00
3 100 00
Received fees from
customers.
67
2-2
@solusinet
Dec. 16 Fees earned on account
totaled Rp.1,750,000 for the
first half of December.
16
Accounts Receivable
Fees Earned
12
41
1 750 000
1 750 000
Recorded fees earned
on account.
68
2-2
@solusinet
Dec. 20
20
SolusiNet paid Rp.900,000 to Executive Supply Co. on the
Rp.1,800,000 debt owed from the December 4 transaction.
Accounts Payable
Cash
21
11
900 000
900 000
Paid part of amount
owed to Executive
Supply Co.
69
2-2
@solusinet
Dec. 21 SolusiNet received
Rp.650,000 from customers
in payment of their
accounts.
21
Cash
11
Accounts Receivable
12
650 000
650 000
Received fees from
customers on account.
70
2-2
@solusinet
Dec. 23 SolusiNet paid Rp
1,450,000 for supplies.
23
Supplies
Cash
Purchased supplies.
14
11
1 450 000
1 450 000
71
2-2
@solusinet
Dec. 27 SolusiNet paid the receptionist
and part-time assistant
Rp.1,200,000 for two weeks’
wages.
27
Wages Expense
Cash
51
11
1 200 000
1 200 000
Paid two weeks’
wages.
72
2-2
@solusinet
Dec. 31 NetSolutions paid Rp.310,000
for telephone charges for the
month.
31
Utilities Expense
Cash
54
11
310 000
310 000
Paid telephone
charges.
73
2-2
@solusinet
Dec. 31 SolusiNet paid Rp.225,000 for
electric usage for the month.
Page 1
JOURNAL
Date
Description
Post.
Ref.
Debit
54
225 000
Credit
2007
Dec 31 Utilities Expense
Cash
11
225 000
Paid for electric usage.
74
2-2
@solusinet
Dec. 31 SolusiNet received Rp.2,870,000
from fees earned for the second
half of December.
31
Cash
11
Fees Earned
41
2 870 000
2 870 000
Received fees from
customers.
75
2-2
@solusinet
Dec. 31 NetSolutions earned
Rp.1,120,000 on account
for the second half of
December.
31
Accounts Receivable
Fees Earned
12
41
1 120 000
1 120 000
Recorded fees earned
on account.
76
2-2
@solusinet
Dec. 31 Cita Cinta withdrew
Rp.2,000,000 for personal use.
31
Cita Cinta, Drawing
Cash
32
11
2 000 000
2 000 000
Cita Cinta withdrew
cash for personal use.
77
2-3
Cash
Account Receivable
Supplies
Prepaid Insurance
Land
Office Equipment
Account Payable
Unearned Rent
Chris Clark, Capital
Chris Clark, Drawing
Fees Earned
Wages Expense
Rent Expense
Utilities Expense
Suppliexpense
Miscellaneous Expense
2
2
2
2
20
1
4
4
1
42
SolusiNet
Unadjusted Trial Balance
31-Dec-07
In Rp.
Debit
Credit
Balances
Balances
0 6 5 000
2 2 0 000
0 0 0 000
4 0 0 000
0 0 0 000
8 0 0 000
9 0 0 000
3 6 0 000
25 0 0 0 000
0 0 0 000
16 3 4 0 000
2 7 5 000
6 0 0 000
9 8 5 000
8 0 0 000
4 5 5 000
6 0 0 000 42 6 0 0 000
82
2-4
Objective 4
Discover and correct
errors in recording
transactions.
2-4
A transposition occurs when
the order of the digits is
changed mistakenly, such as
writing Rp.542,000 as
Rp.452,000 or Rp.524,000.
In a slide, the entire number is
mistakenly moved one or more
spaces to the right or the left,
such as writing RP.542.000 as
$54,200.
2-4
Another type of error is a posting
error. Assume that on May 5 a
Rp.12,500,000 purchase of office
equipment on account was
incorrectly journalized and
posted as a debit to Supplies and
a credit to Accounts Payable for
Rp.12,500,000.
2-4
Entry to Correct Error
May 31 Office Equipment
Supplies
18 12 500 000
14
12 500 000
To correct erroneous
debit to Supplies on
May 5. See invoice
from Bella Office
Equipment Company.
88
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