Contabilidad Bsica I

ACCO 111
Taller Siete
Profesor Noel Ortiz Torres

Universidad del Este, Universidad Metropolitana,Universidad del Turabo

Profesor Noel Ortiz

1.

Sistema de inventario
1.
2.

2.

Costo de inventario
1.
2.
3.

3.

Peridico
Perpetuo
FIFO
LIFO
Average

Lower cost or Market

Prctica
Bajo el sistema periodico, determine el costo del
inventario final en marzo 31 y el costo de bienes
vendidos bajo a)FIFO, b)LIFO y C) average cost
Inventario:

marzo 1

200 unidades @ $4.00

$800

Compras:
marzo 10
500 unidades @ $4.50
2,250
marzo 20
400 unidades @ $4.75
1,900
marzo 30
300 unidades @ $5.00
1,500
Ventas:
marzo 15
500 unidades
marzo 25
400 unidades
Inventario final 31 de marzo 500 unidades.

Sistema de
Informacin de
contabilidad y
Manejo de
Efectivo

1.

2.

3.

4.

5.

Describir el concepto de control interno e

identificar los principios que rigen un
sistema de informacin contable.
Describir los tipos de diarios especiales y
distinguir la naturaleza y propsito de los
mayores subsidiarios.
Identificar los componentes del efectivo
cash.
Registrar transacciones de la caja menuda
petty cash.
Preparar una reconciliacin bancaria.

IMPORTANTE
Para la toma de desiciones, el beneficio tiene que ser
mayor que el costo.
Para el usuario del estado financiero la
informacin tiene que ser:
Pertinente
Confiable
Informacin clara
A tiempo
Flexibilidad Debe ser lo suficiente flexible para conocer
los cambios segn solicitados.

Used to keep track of individual balances.

Two common subsidiary ledgers are:
1. Accounts receivable (customers)
2. Accounts payable (creditors)

Relationship of general ledger and subsidiary ledgers

Used to record similar types of

transactions.

Review Question
Each of the following is a subsidiary ledger
except the:
a. accounts receivable ledger.
b. accounts payable ledger.
c. customers ledger.
d. general ledger.

Sales Journal

Under a perpetual inventory system, one entry at selling price in Sales

Journal results in a debit to Accounts Receivable and a credit to Sales.
Another entry at cost results in a debit to Cost of Goods Sold and a
credit to Merchandise Inventory.

POSTING THE SALES JOURNAL

Companies make daily postings

from the sales journal to the
individual accounts receivable
in the subsidiary ledger.

POSTING THE SALES JOURNAL

Posting to the general ledger is

done monthly.

Cash Receipts Journal

Review Question
Cash sales of merchandise are recorded in the:
a. cash payments journal.
b. cash receipts journal.
c. general journal.
d. sales journal.

Review Question
Which of the following is not one of the credit
columns in the cash receipts journal:
a. Other accounts.
b. Accounts payable.
c. Accounts receivable.
d. Sales.

Purchases Journal

Daily postings are made from the

purchases journal to the accounts
payable subsidiary ledger.

Purchases Journal

At the end of the accounting

period, the company posts totals to
the general ledger.

Review Question
All of the following are advantages of using
subsidiary ledgers except they:
a. show transactions affecting one customer or
one creditor in a single account.
b. free the general ledger of excessive details.
c. eliminate errors in individual accounts.
d. make possible a division of labor.

Cash Payments Journal

In a cash payments (cash disbursements) journal,sh payments

journal are similar to those for other journals.

Review Question
Credit purchases of equipment or supplies other
than merchandise are recorded in the:
a. cash payments journal.
b. cash receipts journal.
c. general journal.
d. purchases journal.

Review Question
Cash payments of merchandise are recorded in
the:
a. cash payments journal.
b. cash receipts journal.
c. general journal.
d. purchases journal.

Puede variar por:

Tamao y
naturaleza del
negocio.
Filosofa de
control de la
gerencia

Establecer responsabilidades
El Control es mas efectivo cuando se responsabiliza
a una persona en tarea particular.

Segregar tareas
Tareas relacionadas deben ser asignadas a
diferentes empleados, incluyendo custodia fsica y
mantenimiento en los subsidiarios.

Procedimiento de documentacin
Las compaas utilizan los documentos pre
numerados para contabilizar.

PHYSICAL, MECHANICAL, AND ELECTRONIC

CONTROLS
Physical

Mechanical
and Electronic

INDEPENDENT INTERNAL VERIFICATION

1. Records periodically verified by an employee who
is independent.
2. Discrepancies reported to management.

OTHER CONTROLS
1. Bond employees.
2. Rotate employees duties and require vacations.
3. Conduct background checks.

Establishment of
Responsibility

Documentation
Procedures

Only designated
personnel are
authorized to handle
cash receipts
(cashiers)

Use remittance
advice (mail
receipts), cash
register tapes, and
deposit slips

Segregation of
Duties

Physical,
Mechanical, and
Electronic
Controls

Different individuals
receive cash, record
cash receipts, and
hold the cash

Store cash in safes

and bank vaults;
limit access to
storage areas; use
cash registers

Independent
Internal
Verification
Supervisors count
cash receipts daily;
treasurer compares
total receipts to bank
deposits daily
Other Controls
Bond personnel who
handle cash; require
employees to take
vacations; deposit all
cash in bank daily

Cashiers
Department
Sales Department
Prepare daily
summary
Prepare deposit
slip
Cashier ring up
sales
Supervisor
1.reads register
totals
2.makes cash
counts
3.prepares cash

Bank

Treasurer

(deposit) (verification)

Accountin
g
(record)

Control Procedures:
Mail receipts should be opened by two people,
a list prepared, and each check endorsed.
Copy of the list, along with the checks and
remittance advices, sent to cashiers
department.
Cashier adds the checks to the over-thecounter receipts and prepares a daily cash
summary and makes the daily bank deposit.
Copy of list sent to treasurers office for
comparison with total shown on daily cash
summary.

Review Question
Permitting only designated personnel to
handle cash receipts is an application of the
principle of:
a. segregation of duties.
b. establishment of responsibility.
c. independent check.
d. other controls.

Internal Control over Cash

Disbursements
Generally, internal control over cash
disbursements is more effective when
companies pay by check, rather than by
cash.
Applications:
Voucher system
Electronic funds transfers (EFT) system
Petty cash fund

Establishment of
Responsibility

Documentation
Procedures

Only designated
personnel are
authorized to sign
checks (treasurer)

Use prenumbered
checks and account
for them in
sequence; each
check must have
an approved
invoice

Segregation of
Duties
Different individuals
approve and make
payments; check
signers do not record
disbursements

Other Controls
Stamp invoices
PAID

Independent
Internal
Verification
Compare checks to
invoices; reconcile
bank statement
monthly
Physical,
Mechanical, and
Electronic Controls
Store blank checks in
safes, with limited
access; print check
amounts by machine
in indelible ink

The use of prenumbered checks in disbursing

cash is an application of the principle of:
a. establishment of responsibility.
b. segregation of duties.
c. physical, mechanical, and electronic
controls.
d. documentation procedures.

Voucher System
Network of approvals, by authorized
individuals, to ensure all
disbursements by check are proper.
A voucher is an authorization form
prepared for each expenditure.

Petty Cash Fund - Used to pay

small amounts.
Involves:
1. establishing the fund,
2. making payments from the fund,

and
3. replenishing the fund.

Lincolnville Company uses an imprest petty cash system. The

fund was established on March 1 with a balance of $100. During
March the following petty cash receipts were found in the petty
cash box.
March 5

Stamp inventory

March 7

Freight-out

March 9

Miscellaneous expense

March 11

Travel expense

March 14

Miscellaneous expense

$39
21
6
24
5

The fund was replenished on March 15 when the fund contained

$5 in cash. On March 20, the amount in the fund was increased
to $150.
Instructions: Journalize the entries in March that pertain to the

Contributes to good internal control over

cash.
Minimizes the amount of currency on
hand.
Creates a double record of bank
transactions.
Bank reconciliation.

Making Bank
Deposits
Authorized employee should
make deposit.

Front Side

Bank
Code
Numbers

Reverse Side

Writing Checks
Written order signed by depositor directing bank to pay a
specified sum of money to a designated recipient.

Maker
Payee
Payer

Bank
Statements
Debit Memorandum

Bank service
charge
NSF (not sufficient
Credit Memorandum
funds)
Collect notes
receivable.
Interest earned.

The control features of a bank account do not

include:
a. having bank auditors verify the correctness of
the bank balance per books.
b. minimizing the amount of cash that must be
kept on hand.
c. providing a double record of all bank
transactions.
d. safeguarding cash by using a bank as a
depository.

Reconciling the Bank Account

Reconcile balance per books and

balance per bank to their adjusted
(corrected) cash balances.
Reconciling Items:
1. Deposits in transit.
2. Outstanding checks.
3. Errors.
4. Bank memoranda.

Reconciliation Procedures

+ Deposit in Transit

+ Notes collected by bank

NSF (bounced) checks

Check printing or other

service charges

Outstanding Checks

+- Bank Errors

+- Book Errors
CORRECT BALANCE

CORRECT BALANCE

The following information pertains to Family Video Company.

1. Cash balance per bank, July 31, $7,263.
2. Cash balance per books, July 31, $7,284.
3. July bank service charge not recorded by the depositor $28.
4. Deposits in transit, July 31, $1,500.
5. Bank collected $900 note for Family in July, plus interest $36,

less fee $20.The collection has not been recorded by Family,

and no interest has been accrued.
6. Outstanding checks, July 31, $591.

Instructions
a) Prepare a bank reconciliation at July 31.
b) Journalize the adjusting entries at July 31 on the books of
Family Video Company.

Cash balance per bank statement

Add:
Deposit in transit
Less:
Outstanding checks
Adjusted cash balance per bank

Cash balance per books

Add:

Collection of notes receivable

Collection of interest
Less:
Bank service charge
Note collection fee
Adjusted cash balance per books

$7,263
1,500
(591)
$8,172
$7,284
900
36
(28)
(20)
$8,172

Dr.
July 31

Miscellaneous expense

Cr.
28

Cash
July 31

Cash
Miscellaneous expense

28
916
20

Interest revenue
Notes receivable
900

Note: Adjusting journal entry includes only the

adjustments to the cash balance per books.

36

The reconciling item in a bank reconciliation

that will result in an adjusting entry by the
depositor is:
a. outstanding checks.
b. deposit in transit.
c. a bank error.
d. bank service charges.

Which of the following statements correctly

describes the reporting of cash?
a. Cash cannot be combined with cash
equivalents.
b. Restricted cash funds may be combined
with Cash.
c. Cash is listed first in the current assets
section.
d. Restricted cash funds cannot be reported as
a current asset.