CURRENT LIABILITIES

10-1
 Current
Liabilities

Notes Current
Account Portion
Payable Payable Sales Taxes
Payable of Long-
term
Unearned Debt
Revenue

by ArifahFibri
 Current Liabilities / Hutang jangka pendek
What Is a Current Liability?
Sebuah utang yang harus dilunasi
1. menggunakan aset lancar atau dengan hutang yang
lain
2. Dalam jangka waktu 1 tahun atau 1 periode akuntansi
(mana yang lebih panjang )

Contoh: accounts payable, notes payable, unearned revenues, and

accrued liabilities such as taxes, salaries and wages, and interest
payable.

10-3 LO 1
 Current Liabilities

Accounts Payable (trade accounts payable)

Sering disebut sebagi hutang dagang ➔ akibat transaksi
pembelian barang/jasa secara kredit
◆ Timbul karena ada perbedaan waktu antara diterimanya
tagihan dengan saat pembayaran ➔ umumnya 30-90
hari

◆ Dalam faktur biasanya mengakomodir syarat penjualan

(Terms of the sale) ➔ contoh 2/10, n/30; 1/10, E.O.M.)

10-4 LO 1
 Jurnal saat timbul
Inventory/Purchase xx
Account Payable xx

Jurnal pelunasan
Account Payable xx
Cash xx

10-5
 Notes Payable
Learning Objective
2
Describe the accounting
for notes payable.

◆ Written promissory note➔ surat janji tertulis untuk

membayar sejumlah uang tertentu pada waktu tertentu

◆ Usually require the borrower to pay interest➔

umumnya berbunga

◆ Frequently issued to meet short-term financing needs

◆ Issued for varying periods of time ➔ menyebutkan

jangka waktu tertentu

◆ Those due for payment within one year of the balance

10-6
sheet date are usually classified as current liabilities. LO 2
 Purchase/MI
Timbul
Notes Payable

Interest Exp
Penyesuaian
N/P Interest Payable

N/P xx
Cash/Other xx
Lunas
N/P
Interest Exp
Cash

by ArifahFibri
 Notes Payable

Illustration: Hong Kong National Bank agrees to lend

HK$100,000 on September 1, 2017, if C.W. Co. signs a
HK$100,000, 12%, four-month note maturing on January 1.

Instructions

a) Prepare the journal entry on September 1.

b) Prepare the adjusting journal entry on December 31,

assuming monthly adjusting entries have not been made.

c) Prepare the journal entry at maturity (January 1, 2018).

10-8 LO 2
 Notes Payable

Illustration: Hong Kong National Bank agrees to lend

HK$100,000 on September 1, 2017, if C.W. Co. signs a
HK$100,000, 12%, four-month note maturing on January 1.

a) Prepare the journal entry on September 1➔ saat Timbul

Cash 100,000
Notes Payable 100,000
b) Prepare the adjusting journal entry on Dec. 31➔
Penyesuaian
Interest Expense 4,000
Interest Payable 4,000
HK$100,000 x 12% x 4/12 = HK$4,000

10-9 LO 2
 Notes Payable

Illustration: Hong Kong National Bank agrees to lend

HK$100,000 on September 1, 2017, if C.W. Co. signs a
HK$100,000, 12%, four-month note maturing on January 1.

c) Prepare the journal entry at maturity (January 1, 2018) ➔

saat pelunasan
Notes Payable 100,000
Interest Payable 4,000
Cash 104,000

10-10 LO 2
 Sales Taxes Payable
Learning Objective
◆ Sales taxes are expressed as a stated 3
Explain the accounting
percentage of the sales price. for other current
liabilities.

◆ Selling company

► collects tax from the customer.

► remits the collections to the government’s

department of revenue.

10-11 LO 3
 Sales Taxes Payable

Illustration: The March 25 cash register reading for Cooley

Grocery shows sales of NT$10,000 and sales taxes of
NT$1,000 (sales tax rate of 10%), the journal entry is:

Cash 11,000
Sales Revenue 10,000
Sales Tax Payable 1,000

10-12 LO 3
 Sales Taxes Payable

Sometimes companies do not ring up sales taxes separately on

the cash register.

Illustration: Cooley Grocery rings up total receipts of

NT$10,600. Because the amount received from the sale is
equal to the sales price 100% plus 6% of sales, (sales tax rate
of 6%), the journal entry is:

Mar. 25 Cash 10,600

Sales Revenue 10,000 *
Sales Taxes Payable 600

* NT$10,600 ÷ 1.06 = NT$10,000

10-13 LO 3
 Unearned Revenues

Revenues that are received before goods are delivered or

services are performed.
1. Company increases (debits) Cash
and increases (credits) a current
liability account, Unearned
Revenue.

2. When the company recognizes

revenue, it decreases (debits) the
unearned revenue account and
increases (credits) a revenue
account. accrued adalah cash nya belum kegiatanny sudah
deferral adalah cashnya sudah kegiatannya belum
10-14 LO 3
 Unearned Revenues

Illustration: Busan IPark (KOR) sells 10,000 season football

tickets at W 50,000 each for its five-game home schedule. The
club makes the following entry for the sale of season tickets (in
thousands of W):

Aug. 6 Cash 500,000

Unearned Ticket Revenue 500,000

As each game is completed, Busan IPark records the revenue

earned.

Sept. 7 Unearned Ticket Revenue 100,000

Ticket Revenue 100,000

10-15 LO 3
 Current Maturities of Long-term Debt

◆ Portion of long-term debt that comes due in the current

year.

◆ No adjusting entry required.

Illustration: Wendy Construction issues a five-year, interest-bearing

€25,000 note on January 1, 2017. This note specifies that each
January 1, starting January 1, 2018, Wendy should pay €5,000 of the
note. When the company prepares financial statements on December
31, 2017,
€5,000
1. What amount should be reported as a current liability? __________
€20,000
2. What amount should be reported as a long-term liability? ________

10-16 LO 3
 > DO IT!

You and several classmates are studying for the next accounting
examination. They ask you to answer the following questions.
1. If cash is borrowed on a $50,000, 6-month, 12% note on
September 1, how much interest expense would be incurred by
December 31?
$50,000 × 12% × 4/12 = $2,000

2. The cash register total including sales taxes is $23,320, and the
sales tax rate is 6%. What is the sales taxes payable?
$23,320 ÷ 1.06 = $22,000; $23,320 − $22,000 = $1,320
3. If $15,000 is collected in advance on November 1 for 3 months’
rent, what amount of rent revenue should be recognized by
December 31?
$15,000 × 2/3 = $10,000
10-17 LO 3
 Statement Presentation and Analysis

PRESENTATION
◆ Current liabilities are presented after non-current
liabilities on the statement of financial position.

◆ A common method of presenting current liabilities is to

list them by order of magnitude, with the largest ones
first.

10-18 LO 3
 Statement Presentation and Analysis

Illustration 10-3
Statement of financial position presentation of current liabilities (in thousands)
10-19 LO 3
 REFERENSI UTAMA

➢ Financial Accounting 3e, Weygandt, Kimmel,Kieso; IFRS

edition, Wiley

10-20