SIKLUS AKUNTANSI PERUSAHAAN DAGANG | PD. SINERGI #akuntansi #siklusakuntansi

Introduction

This tutorial provides a comprehensive guide to the accounting cycle for trading companies, using the case study of PD. SINERGI. It covers essential steps from the general journal to reversing entries, making it ideal for those looking to understand the fundamental processes of accounting in a trading business.

Step 1: Understanding the Case Study

• Download the case study materials provided in the video description to familiarize yourself with PD. SINERGI's financial context.
• Review the details of the case to understand the types of transactions involved.

Step 2: Creating the General Journal

• Begin by recording all business transactions in the general journal.
• Ensure each entry includes:
  • Date of the transaction
  • Accounts affected (debit and credit)
  • Amounts for each account
  • A brief description of the transaction
• Example entry format:

  Date        Account Titles             Debit        Credit
  YYYY-MM-DD  Cash                       XXX
              Sales Revenue                          XXX
              (Description of the transaction)
  

Step 3: Posting to the Ledger

• Transfer the entries from the general journal to the respective accounts in the general ledger.
• Maintain a clear and organized ledger with separate pages for each account.
• Verify that the ledger balances match the totals from the journal.

Step 4: Preparing the Trial Balance

• After posting, compile a trial balance to ensure that debits equal credits.
• List all accounts along with their balances.
• Example format:

  Account Name               Debit        Credit
  Cash                      XXX
  Sales Revenue                          XXX
  (Continue for all accounts)
  

Step 5: Making Adjusting Entries

• Review the trial balance and identify any necessary adjustments for accurate reporting.
• Create adjusting entries for items such as accrued expenses or unearned revenue.
• Record these in the general journal before posting them to the ledger.

Step 6: Preparing the Worksheet

• Create a worksheet to summarize the adjusted trial balance.
• Include columns for:
  • Unadjusted trial balance
  • Adjusting entries
  • Adjusted trial balance
• This helps visualize the impact of adjustments on overall financial statements.

Step 7: Generating Financial Statements

• Prepare the financial statements based on the adjusted trial balance:
  • Income Statement: Summarizes revenues and expenses, showing profit or loss.
  • Statement of Changes in Equity: Details changes in owner’s equity.
  • Balance Sheet: Displays assets, liabilities, and equity at a specific date.

Step 8: Closing Entries

• Close temporary accounts (revenues, expenses) by transferring their balances to the income summary account.
• Record closing entries in the general journal:

  Date        Account Titles             Debit        Credit
  YYYY-MM-DD  Income Summary             XXX
              Sales Revenue                          XXX
  

• Repeat for expenses.

Step 9: Preparing Post-Closing Trial Balance

• After closing entries, prepare a post-closing trial balance to confirm the accuracy of the ledger.
• List all permanent accounts (assets, liabilities, equity) to ensure they are correctly balanced.

Step 10: Creating Reversing Entries

• At the start of the new accounting period, create reversing entries for any adjusting entries made in the previous period, if needed.
• This simplifies future accounting by negating the effects of previous adjustments.

Conclusion

This guide has outlined the critical steps in the accounting cycle for a trading company, from the general journal to reversing entries. By following these steps, you can effectively manage and report financial transactions in a structured manner. For further practice, consider applying these steps to different case studies or real-world scenarios to deepen your understanding of accounting principles.