CURRENT LIABILITIES

(KEWAJIBAN JANGKA PENDEK)

Learning Outcomes

Pada akhir pertemuan ini, diharapkan mahasiswa

akan mampu :

⦿ Memahami Akuntansi Kewajiban Jangka

Pendek
Materi

⦿ Pengertian Kewajiban Jangka Pendek

⦿ Hutang Dagang
⦿ Wesel Bayar
Hutang Dagang...
● Adalah sejumlah uang yang terhutang
pada pemasok/vendor atas barang atau
jasa yang dibeli secara kredit.
● Hutang Dagang tidak membebankan
bunga bagi debitur.
Hutang Dagang - Contoh
⦿ Misalkan pada 3 Juni 2016, Unib’s
Sporting Store membeli barang
daganngan senilai $1,000 dengan kredit
dagang dari Patti Wholesaler.
⦿ Jurnal Pencatatan?

Merchandise Inventory 1,000

Account Payable 1,000
Membeli secara kredit
Wesel Bayar Jangka Pendek...
● Adalah janji tertulis untuk membayar
(promissory notes) yang akan jatuh
tempo dalam 1 tahun.
● Tentu saja selain pokok hutang, masih
ada kewajiban membayar bunga.
● Bila terdapat akrual atas bunga hutang,
maka hal tsb harus dicatat.
Wesel Bayar Jangka Pendek...

⦿ Pada 30 April 2016, Unib membeli

persediaan senilai $10,000 dengan
menerbitkan wesel bayar 90 hari, bunga
10%.
⦿ Jurnal?
MI 10,000
Notes Payable 10,000
Pembelian secara kredit dengan wesel bayar
90/10%
Wesel Bayar Jangka Pendek...
⦿ Periode akuntansi berikutnya 31Mei.
⦿ Hitung akrual bunga per 31 Mei?
⦿ $10,000 × 10% × 31/365 = $84,93
⦿ Bagaimana jurnal pd saat jatuh tempo?
Wesel Bayar Jangka Pendek...

29 Juli
Notes Payable 10,000.00
Interest Payable 84.93
Interest Expense 165.07
Cash
10,250.00
Short-Term Notes Payable
Issued at a Discount
⦿ Issuing a note at a discount means the
bank subtracts the interest from the note’s
face value.
⦿ Suppose that on February 25, Shanitha
discounts a $10,000, 90-day note, payable
to the bank at 12%.
⦿ The business will receive $9,700.
⦿ $10,000 × 0.12 × 90/360 = $300
Short-Term Notes Payable
Issued at a Discount
February 25
Cash 9,700
Discount on Note Payable 300
Notes Payable, Short-Term 10,000
Discount a $10,000, 90-day,
10% note payable to borrow cash
Short-Term Notes Payable
Issued at a Discount

Shanitha Balance Sheet

Current liabilities:
Note payable, short-term $10,000
Less: Discount on note payable 300
Note payable, short-term, net $ 9,700
Short-Term Notes Payable
Issued at a Discount
⦿ What is the accrued interest at the end
of the month?
⦿ $10,000 × 12% × 3/360 = $10

February 28
Interest Expense 10
Discount on Note Payable 10
Accrue interest expense at month end
Sales Tax Payable Example
⦿ Most states levy a sales tax on retail
sales.
⦿ Suppose that a store sold $3,000 worth
of merchandise on a given Saturday.
⦿ The business collected an additional 5%
in sales tax.
⦿ How much is the sales tax liability?
⦿ $150
Accrued Expenses (Liabilities)...
● are expenses that have been incurred
but not recorded.
● salaries
● taxes withheld
● interest
● utilities
Payroll Liabilities

Salary Expense 10,000

Employee Income Tax Payable 1,200
FICA Tax Payable 80
Employee Union Dues Payable 140
Salary Payable 7,860
To record salary expense
Unearned Revenue Example

⦿ Assume that on June 1, Dennis’s

Landscaping collected $1,500 for services
to be provided during the months of June,
July, and August.

June 1
Cash 1,500
Unearned Revenue 1,500
Received cash in advance
 Unearned Revenue Example
⦿ What entry does Dennis record on June
30?

June 30
Unearned Revenue 500
Service Revenue 500
Earned service revenue that was collected
in advance
Estimated Warranty Payable
⦿ The matching principle demands that
the company record the warranty
expense in the same period that the
business recognizes sales revenue.
Estimated Warranty Payable
Example
⦿ Patti Wholesaler made sales of
$1,000,000 subject to product
warranties.
⦿ In the past years, claims have averaged
2%.
Warranty Expense 20,000
Estimated Warranty Payable 20,000
To accrue warranty expense
Estimated Warranty Payable
Example
⦿ On January 28, a customer returned a
defective product and was given a $300
refund.

Estimated Warranty Payable 300

Cash 300
To record refund under warranty
Estimated Vacation Pay
Liability Example
⦿ Suppose Unib’s Sporting Store has a
March payroll of $10,000 and vacation
pay adds 4% (2 weeks of annual
vacation divided by 50 workweeks each
year).
⦿ How much vacation pay should be
accrued?
Estimated Vacation Pay
Liability Example

March 31
Vacation Pay Expense 400
Estimated Vacation Pay Liability 400
To accrue vacation expense
Contingent Liability
⦿ Report a contingent liability in the notes
to the financial statement if it is
reasonably possible that a loss or
expense will occur.
⦿ The FASB says to record an actual
liability if it is probable that the business
has suffered a loss and its amount can
be reasonably estimated.
Contingent vs. Current Liability
⦿ Suppose a hospital has lost a court case
for uninsured malpractice.
⦿ The hospital estimates that the liability
will fall between $1.5 and $2.5 million.
Contingent vs. Current Liability
⦿ The hospital must record a loss and a
liability of $1.5 million.
⦿ The hospital must disclose in a note the
possibility of an additional $1.0 million
loss.
Payroll
⦿ Straight time is the base rate paid to
employees for a set number of hours.
⦿ Overtime is additional time worked by
employees for which they received a
higher rate (usually 1.5 times the
straight time rate).
Gross Pay and Net Pay

Gross Pay Deductions Net Pay

Internal Control over Payrolls
● controls for efficiency
● controls for safeguarding payroll
disbursements
Controls for Efficiency
● making payroll disbursements from one
payroll account in one month and from
another the next
● following established policies for hiring and
firing employees
● complying with government regulations
● testing employees for their interest in the
job and their skills to perform the job
Controls for Safeguarding
Payroll Disbursements
⦿ Large organizations must establish
controls to ensure that payroll
disbursements are made only to
legitimate employees.
⦿ Duties of hiring and firing should be
separated from the duties of accounting
for payroll and distributing paychecks.
Controls for Safeguarding
Payroll Disbursements
⦿ Requiring an identification badge
bearing an employee’s photograph also
helps internal control.
⦿ A formal time-keeping system helps
ensure that employees have actually
worked.
Report Current Liabilities
⦿ Companies report current liabilities on
the balance sheet.
⦿ current liabilities of known amount
(payroll)
⦿ current liabilities that must be estimated
(warranties)
Report Current Liabilities
⦿ At the end of the year, companies report
the amount of payroll liabilities owed to
all parties.
⦿ The liability at year end is the amount of
the payroll expense that is still unpaid.
Liabilities Known
When Recorded
● accounts payable
● short-term notes payable
● sales tax payable
● current portion of long-term debt
● accrued expenses payable
● unearned revenues
Liabilities Estimated
When Recorded
● warranty payable
● income tax payable
● vacation pay liability