PRINCIPLES OF FINANCIAL ACCOUNTING CANADIAN EDITION
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1 WEYGANDT. KIO. KIMMEL. TRENHOLM. KINNEAR. BARLOW. ATKINS PRINCIPLES OF FINANCIAL ACCOUNTING CANADIAN EDITION Chapter 3 Adjusting the Accounts PART 1 Prepared by: Debbie Musil Kwantlen Polytechnic University 1
2 Adjusting the Accounts Timing issues Basics of adjusting entries Adjusted trial balance and financial statements Copyright John Wiley & Sons Canada, Ltd. 2
3 Time Periods The economic life of a business can be divided into time periods Periods of less than one year are called Period of one year is called a Copyright John Wiley & Sons Canada, Ltd. 3
4 Accrual Versus Cash Basis Accrual basis: Accounting Cash basis: Copyright John Wiley & Sons Canada, Ltd. 4
5 Revenue Recognition Revenue is recognized when there is Revenue recognition criteria provides guidance: Copyright John Wiley & Sons Canada, Ltd. 5
6 Expense Recognition Expenses are Expense recognition criteria provides guidance: Copyright John Wiley & Sons Canada, Ltd. 6
7 Adjusting Entries Basics Required for the preparation of financial statements Part of the accounting cycle Classified as prepayments or accruals Copyright John Wiley & Sons Canada, Ltd. 7
8 WEYGANDT. KIO. KIMMEL. TRENHOLM. KINNEAR. BARLOW. ATKINS PRINCIPLES OF FINANCIAL ACCOUNTING CANADIAN EDITION Chapter 3 Adjusting the Accounts PART 2 REPAYMENTS (Already Recorded) Repayments = no longer has future benefits (used) Prepared by: 8
9 Adjusting Entries Prepayments Prepaid Expenses: Unearned Revenues: Copyright John Wiley & Sons Canada, Ltd. 9
10 A) 1)Prepaid Expenses Expire through the passage of time or as an asset is used up Portion used up is an expense of the period Prior to adjustment, assets are overstated and expenses are understated Adjusting entry: Copyright John Wiley & Sons Canada, Ltd. 10
11 A) 2)Depreciation The allocation of the cost of long lived assets to expense over its expected useful life Straight line depreciation: Copyright John Wiley & Sons Canada, Ltd. 11
12 Depreciation Recording Adjusting entry: Contra asset account: Copyright John Wiley & Sons Canada, Ltd. 12
13 Depreciation Presentation Accumulated depreciation is deducted from the cost of the asset on the balance sheet This difference is called the Copyright John Wiley & Sons Canada, Ltd. 13
14 B) Unearned Revenues Cash received before revenue is earned is recorded as a liability Subsequently earned by performing a service or providing a good Prior to adjustment, liabilities are overstated and revenues are understated Adjusting entry: Copyright John Wiley & Sons Canada, Ltd. 14
15 Adjusting Entries for Prepayments Copyright John Wiley & Sons Canada, Ltd. 15
16 WEYGANDT. KIO. KIMMEL. TRENHOLM. KINNEAR. BARLOW. ATKINS PRINCIPLES OF FINANCIAL ACCOUNTING CANADIAN EDITION Chapter 3 Adjusting the Accounts PART 3 ACCURALS Required when cash is paid or received after accounting period Prepared by: 16
17 Adjusting Entries Accruals Required where items are not yet recorded in the accounts Accrued Revenues: Accrued Expenses: Copyright John Wiley & Sons Canada, Ltd. 17
18 Accrued Revenues Accrue with the passage of time or result from services performed but not billed or collected Prior to adjustment, assets and revenues are understated Copyright John Wiley & Sons Canada, Ltd. 18
19 Accrued Expenses Expenses incurred but not yet paid or recorded Prior to adjustment, liabilities and expenses are understated Copyright John Wiley & Sons Canada, Ltd. 19
20 Adjusting Entries for Accruals Copyright John Wiley & Sons Canada, Ltd. 20
21 Adjusted Trial Balance Prepared after adjusting entries have been journalized and posted Proves that total debit and credit balances are equal after all adjustments have been made Provides all data needed for preparing financial statements Copyright John Wiley & Sons Canada, Ltd. 21
22 Preparing the Income Statement and Statement of Owner s Equity The income statement is prepared from the revenue and expense accounts. The statement of owner s equity is prepared from the owner s capital and drawing accounts and Profit from the Income statement. Copyright John Wiley & Sons Canada, Ltd. To: Balance Sheet Owner s equity 22
23 Preparing the Balance Sheet The balance sheet is prepared from the asset and liability accounts and the Statement of owner s equity Copyright John Wiley & Sons Canada, Ltd. 23
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