Financial Report

Name: De Chavez John Carlo Roldan Student Number: MMC2021-0708

(Last Name, Given Name, Middle Name)
Course/Year/Section: BSTM 1B Mobile Number: 09564783600

Journalize the different transaction below using the chart of accounts provided

March 1, Arlene Payapag opened a beauty parlor business called Wonderland Beauty Salon
with an initial investment as follows:
2013
Cash ₱350,000.00

Beauty Parlor Supplies 60,000.00

Beauty Parlor Equipment 220,000.00

March 2 Paid business tax to the city treasurer, ₱15,000.00
March 6 Purchased furniture and fixture from Ore Co. on credit, ₱ 12,000.00
March 8 Paid ₱2,000.00 for newspaper advertising announcing the opening of her beauty
shop
March 9 Completed beauty contract services for Christina Pedrosa on credit, ₱50,000.00
March 13 Beauty contract services rendered for ThirzaAlfonte, ₱15,000.00. Received
₱13,500.00 in cash and promised to pay the balance after five days
March 14 Paid salaries and wages of the beautician, ₱10,000.00
March 18 Received full settlement of account from ThirzaAlfonte
March 23 Paid ½ of account due to Ore Co. and issued promissory note for the balance
March 30 Withdrew ₱6,000 for personal use

WONDERLAND BEAUTY SALON

CHART OF ACCOUNTS
Assets Owner’s Equity
Cash 101 Arlene Payapag, Capital 301
Accounts Receivable – Christina Pedrosa 102-A Arlene Payapag Drawing 302
Accounts Receivable – ThirzaAlfonte 102-B Income
Beauty Parlor Supplies 103 Service Income 401
Beauty Parlor Equipment 104 Expenses
Furniture and Fixture 105 Advertising Expense 501
Liabilities Salaries Expense 502
Accounts Payable – Ore Co. 201 Taxes and License 503

FUNDAMENTALS OF ACCOUNTING | 1
Notes Payable – Ore Co. 202

FUNDAMENTALS OF ACCOUNTING | 2
DATE PARTICULARS P/ DEBIT CREDIT
R
Marc 0 Cash 10 ₱ 3 5 0 0 0 0
h 1 1
Beauty Parlor Supplies 10 6 0 0 0 0
3
Beauty Parlor Equipment 10 2 2 0 0 0 0
4
Mrs. A Payapag, Capital 30 ₱ 6 3 0 0 0 0
1
To record the investment of Mrs. A Payapag
#
02 Taxes and License 50 1 5 0 0 0
3
Cash 10 1 5 0 0 0
1
To record the paid business tax of Mrs. A
Payapag
#
0 Furniture and Fixture 10
1 2 0 0 0
6 5
Account Payable – Ore Co. 20 1 2 0 0 0
1
To record the purchased furniture and fixture on credit
of Mrs. A Payapag
#
08 Advertising Expences 50
2 0 0 0
1
Cash 10 2 0 0 0
1
To record the paid newspaper advertising of Mrs. A
Payapag
#
09 Accounts Receivable – Christine 20
Pedrosa 1- 5 0 0 0 0
A
Service Income 40 5 0 0 0 0
1
To record the complete contract service of Mrs. A
Payapag
#
13 Cash 10
1 3 5 0 0
1
Accounts Receivable – ThirzaAlfonte 10 1 5 0 0
2-
B
Service Income 40
1 5 0 0 0
1
To record the complete contract service of Mrs. A
Payapag
#
1 Salaries Expense 50
1 0 0 0 0
4 2
Cash 10
1 0 0 0 0
1
To record the payed salaries expenses of Mrs. A
Payapag
#

FUNDAMENTALS OF ACCOUNTING | 3
 18 Cash 10
1 5 0 0
1
Account Receivable – ThirzaAlfonte 10 1 5 0 0
2-
B
To record the received full settlement of Mrs. A
Payapag
#
23 Account Payable – Ore C. 20
6 0 0 0
1
Note Payable 20
6 0 0 0
2
To record the paid half due to Ore C. with
promissory notes of Mrs. A Payapag
#
30 Arlene Payapag, Drawing 30
6 0 0 0
2
Cash 10
6 0 0 0
1
To record the withdrew cash for personal use of
Mrs. A Payapag
#

ledger and T-Account

This is the template for ledger

CASH 101
DATE Particulars P/R Debit Date Particulars P/R Credit
March 01 Initial Investment GJ1 350,000 March 02 Paid business tax GJ1 15,000
March 08 Paid newspaper GJ1 2,000
advertising
March 13 Contract Service GJ1 13,500 March 14 Paid Salaries GJ1 10,000
Expenses
March 18 Full Settlement GJ1 1,500 March 30 Withdrew cash for GJ1 6,000
personal use

Account Receivable - Christine Pedrosa 102-A

Date Particulars P/R Debit Date Particulars P/R Credit
March 09 Completed Contract Services GJ1 50,000

Account Receivable - Thirza Alfonte 102-B

Date Particulars P/R Debit Date Particulars P/R Credit
March Rendered beauty contract GJ1 1,500 March 18 Received Full GJ1 1,500
13 Services Settlement

FUNDAMENTALS OF ACCOUNTING | 4
 Beauty Parlor Supplies 103
Date Particulars P/R Debit Date Particulars P/R Credit
March 01 Initial Investment GJ1 60,000

Beauty Parlor Equipment 104

Date Particulars P/R Debit Date Particulars P/R Credit
March 01 Initial Investment GJ1 220,000

Furniture and Fixture 105

Date Particulars P/R Debit Date Particulars P/R Credit
March 06 Purchased furniture and GJ1 12,000
fixture on credit

Account Payable 201

Date Particulars P/R Debit Date Particulars P/R Credit
March 23 Paid half due to Ore Co. GJ1 6,000 March 06 Purchased furniture GJ1 12,000
with promissory notes and fixture on credit

Notes Payable 202

Date Particulars P/R Debit Date Particulars P/R Credit
March 23 Paid half due to Ore GJ1 6,000
Co. with promissory
notes

Arlene Payapag, Capital 301

Date Particulars P/R Debit Date Particulars P/R Credit
March 01 Initial Investment GJ1 630,000

Arlene Payapag, Drawing 302

Date Particulars P/R Debit Date Particulars P/R Credit
March 30 Withdrew cash for personal GJ1 6,000
use

FUNDAMENTALS OF ACCOUNTING | 5
 Service Income 401
Date Particulars P/R Debit Date Particulars P/R Credit
March 09 Completed contract GJ1 50,000
Service
March 13 Rendered beauty GJ1 15,000
contract Service

Advertising Expense 501

Date Particulars P/R Debit Date Particulars P/R Credit
March 08 Paid Newspaper advertising GJ1 2,000

Salaries Expenses 502

Date Particulars P/R Debit Date Particulars P/R Credit
March 14 Paid Salaries Expenses GJ1 10,000

Taxes and License 503

Date Particulars P/R Debit Date Particulars P/R Credit
March 02 Paid Business tax GJ1 15,000

This is for T-Account

CASH Account Receivable

1 350,000 2 15,000 9 50,000 18 1,500
13 13,500 8 2,000 13 1,500
18 1,500 14 10,000
30 6,000

Beauty Parlor Supplies Beauty Parlor Equipment

1 60,000 1 220,000

FUNDAMENTALS OF ACCOUNTING | 6
 Furniture and Fixture Account Payable
6 12,000 23 6,000 6 12,000

Notes Payable Arlene Payapag, Capital

23 6,000 1 630,000

Arlene Payapag, Drawing Service Income

30 6,000 9 50,000
13 15,000

Advertising Expense Salaries Expenses

8 2,000 14 10,000

Taxes and License

2 15,000

FUNDAMENTALS OF ACCOUNTING

FUNDAMENTALS OF ACCOUNTING | 7
TRIAL BALANCE OF TOTAL

WONDERLAND BEAUTY SALON

TRIAL BALANCE

FOR THE MONTH ENDED MARCH 30, 2013

ACCOUNT TITLE DEBIT CREDIT

Cash P 356,000 P 33,000

Account Receivable – Christina 50,000

Pedrosa

Account Receivable – Thirza 1,500 1,500

Alfonte

Beauty Parlor Supplies 60,000

Beauty Parlor Equipment 220,000

Furniture and Fixture 12,000

Account Payable 6,000 12,000

Notes Payable 6,000

Arlene Payapag, Capital 630,000

Arlene Payapag, Drawing 6,00

Service Income 65,000

Advertising Expenses 2,000

Salaries Expenses 10,000

Taxes and Licence 15,000

Total P 747,500 P 747,500

TRIAL BALANCE OF BALANCES

WONDERLAND BEAUTY SALON

TRAIL BALANCE

FOR THE MONTH ENDED MARCH 30, 2013

ACCOUNT TITLE DEBIT CREDIT

Cash P 326,000
Account Receivable – Christina 50,000
Pedrosa

FUNDAMENTALS OF ACCOUNTING | 8
Account Receivable – Thirza
Alfonte

Beauty Parlor Supplies 60,000

Beauty Parlor Equipment 220,000

Furniture and Fixture 18,000

Account Payable P 6,000

Notes Payable 6,000

Arlene Payapag, Capital 630,000

Arlene Payapag, Drawing 6,000

Service Income 65,000

Advertising Expenses 2,000

Salaries Expenses 10,000

Taxes and Licence 15,000

Total P 707,000 P 707,000

FUNDAMENTALS OF ACCOUNTING | 9