Jurnal Penyesuaian Perusahaan Dagang

Summary

In this video, Lia Nur explains the concept of adjusting journal entries in a trading company. She covers the purpose and function of these entries, which are made at the end of an accounting period to align account balances with actual conditions. Lia walks through examples such as inventory adjustments, office supplies, advertising expenses, and depreciation. The process includes creating the necessary journal entries for each scenario to ensure accurate financial reporting. This explanation provides valuable insight for understanding how to handle adjustments in financial statements for accurate and reliable results.

Takeaways

• 😀 The script explains the concept of adjusting journal entries, which are made at the end of the accounting period to align the account balances with actual conditions.
• 😀 Adjusting journal entries are created after the trial balance and before preparing the worksheet.
• 😀 The main function of adjusting journal entries is to ensure account balances are accurate and to calculate revenue and expenses for the period.
• 😀 The script provides an example of how to adjust the inventory balance when it differs from the recorded amount at the end of the period.
• 😀 The inventory at the end of the period must be recorded properly in the journal, with adjustments made to the old inventory to prevent it from showing up in the worksheet.
• 😀 A similar process is followed for office supplies, where the remaining supplies are adjusted, and the used supplies are treated as an expense.
• 😀 The script highlights the importance of adjusting prepaid expenses like advertising, where the cost is spread over multiple periods, but only the expense for the relevant period is recorded.
• 😀 Depreciation is another adjustment discussed, with specific examples on how to calculate and record depreciation for office equipment and store equipment.
• 😀 Payroll expenses are also adjusted in the journal entries, especially when salaries are due but not yet paid by the end of the period.
• 😀 Unpaid utility bills, like electricity expenses, are recorded as an adjustment to reflect the expense incurred but not yet paid, increasing the related liability.

Q & A

What is the purpose of an adjustment journal in accounting?

The purpose of an adjustment journal is to update the balances of accounts at the end of an accounting period to reflect the actual financial situation. These journals are made after preparing the trial balance and before creating the worksheet.

When is an adjustment journal entry made in the accounting cycle?

Adjustment journal entries are made at the end of an accounting period, after preparing the trial balance but before preparing the worksheet.

What happens if adjustment journals are not made?

If adjustment journals are not made, the account balances will not reflect the true financial position of the company, potentially leading to incorrect financial statements.

What is the first step in creating an adjustment journal entry?

The first step is to prepare the adjustment table, which includes columns for the date, description, reference number, debit, and credit. The table should also have a title indicating the company and the period for which the adjustment is made.

How do you adjust inventory balances in an adjustment journal?

To adjust inventory balances, the old inventory figure is removed by crediting the inventory account and debiting the profit and loss summary account. Then, the new inventory figure is recorded by debiting the inventory account and crediting the profit and loss summary.

How are office supplies adjustments made?

Office supplies adjustments are made by calculating the difference between the starting balance and the ending balance of supplies. The difference is recorded as an office supplies expense, debiting the expense account and crediting the supplies account.

How is prepaid advertising expense adjusted in the journal?

Prepaid advertising expense is adjusted by calculating the expense for the relevant period. If the total advertising cost is spread over multiple months, only the portion applicable to the current period is recorded as an expense, debiting the expense account and crediting the prepaid advertising account.

What is the method for recording depreciation in adjustment journals?

Depreciation is recorded by debiting the depreciation expense account and crediting the accumulated depreciation account. This applies to both office equipment and store equipment.

How do you record unpaid wages in the adjustment journal?

Unpaid wages are recorded by debiting the wages expense account and crediting the wages payable account. This creates a liability for the company.

How do you adjust for an unpaid electricity bill in the journal?

An unpaid electricity bill is recorded by debiting the electricity expense account and crediting the electricity payable account, reflecting the outstanding liability for the unpaid bill.