GROUP ASSIGNMENT COVER SHEET

STUDENT DETAILS

Student name: Bùi Hải Yến Student ID number: 21000904

Student name: Lê Nguyễn Cát Tường Student ID number: 21001072

Student name: Lê Nguyễn Hải Yến Student ID number: 21000542

Student name: Nguyễn Thị Hoàng Vân Student ID number: 21001416

Student name: Vắn Hoàng Văn Student ID number: 21000577

Student name: Nguyễn Đình Minh Khôi Student ID number: 22002180

UNIT AND TUTORIAL DETAILS

Unit name: Principles of Accounting Unit number: 4

Tutorial/Lecture: Eng Wan Ng Class day and time: Monday 12:00 pm
Lecturer or Tutor name: Eng Wan Ng

ASSIGNMENT DETAILS

Title: Tutorial Test 4

Length: 574 Due date: 17/02/2022 Date submitted: 17/02/2022

DECLARATION
I hold a copy of this assignment if the original is lost or damaged.

I hereby certify that no part of this assignment or product has been copied from any other student’s work or from

any other source except where due acknowledgement is made in the assignment.
I hereby certify that no part of this assignment or product has been submitted by me in another (previous or
 current) assessment, except where appropriately referenced, and with prior permission from the Lecturer /
Tutor / Unit Coordinator for this unit.
No part of the assignment/product has been written/ produced for me by any other person except where

collaboration has been authorised by the Lecturer / Tutor /Unit Coordinator concerned.
I am aware that this work may be reproduced and submitted to plagiarism detection software programs for the
 purpose of detecting possible plagiarism (which may retain a copy on its database for future plagiarism
checking).

Student’s signature: Yen

Student’s signature: Tuong
Student’s signature: Yen
Student’s signature: Van
Student’s signature: Van
 Student’s signature: Khoi

(a) Income Statement

COOKIE CREATIONS
Income Statement
For two Months Ended December 31, 2016
Revenues
Service Revenue $4,515
Total revenue 4,515
Expenses

Salaries and wages expense $1,006

Utilities expense 125
Advertising expense 165
Supplies expense 1,025
Depreciation expense 40
Insurance expense 110
Interest expense 15
Total expenses 2,486
Net income $2,029

Owner’s Equity statement

COOKIE CREATIONS
Owner’s Equity Statement
For Two Months Ended December 31, 2016

Owner's Capital, November 1 $800

Add: Net income $2,029 2,029

2,829

Less: Drawings 500

Owner’s Capital, December 31 $2,329

Balance Sheet
COOKIE CREATIONS
Balance Sheet
December 31, 2016
Assets
Current assets
 Cash $1,180
Account receivable 875
Supplies 350
Prepaid insurance 1,210
Total current assets $3,615
Property, plant, and equipment
Equipment $1,200
Less: Accumulated depreciation-
equipment 40 1,160 1,160
Total assets $4,775
Liabilities and Owner’s Equity
Current liabilities
Accounts payable $75
Unearned service revenue 300
Salaries and wages payable 56
Interest payable 15
Total current liabilities $446
Long-term liabilities
Notes payable 2,000
Total long-term liabilities 2,000
Total liabilities 2,446
Owner’s equity
Owner’s capital 2,329
Total liabilities and owner’s equity $4,775

(b) Post-Closing Entries

COOKIE CREATIONS
Closing Entry
December 31, 2016
Date Account title and explanation Ref Debit Credit
31-Dec Service revenue J3 4515  
  Income summary   4515
         
31-Dec Income summary J3 2491  
  Utilities Expense   125
  Advertising expense   165
  Supplies expense   1025
  Depreciation   40
  Insurance expense   110
  Salaries and wages expense   1006
  Interest expense   20
         
31-Dec Owner capital J3 500  
  Owner's drawing   500
         
31-Dec Income summary J3 2024  
  Owner capital     2024

Post-Closing Entries

Sevice Revenue No.400

Date Explaination Ref Debit Credit Balance

$ $ $

Dec 31 Accounts receivable 4,515 4,515 4,515

Closing Entry

Supplies Expense No.634

Date Explaination Ref Debit Credit Balance

$ $ $

Dec 31 Supplies 1,025 1,025 1,025

Dec 31 Closing entry

Insurance Expense No.722

Date Explaination Ref Debit Credit Balance

$ $ $

Dec 31 Prepaid Insurance 110 110 110

Dec 31 Income summary (closing) 0

Utilities expense No.635

Date Explaination Ref Debit Credit Balance

$ $ $

Dec 31 Utilities payable 125 125 125

Dec 31 Closing Entry 0

Salaries and Wages Expense No.726

Date Explaination Ref Debit Credit Balance

 $
$ $

Dec 31 Salaries and payable 1,006 1,006 1,006

Dec 31 Closing Entry 0

Depreciation Expense No.711

Date Explaination Ref Debit Credit Balance

$ $ $

Dec 31 Acc. Depreciation 40 40 40

Dec 31 Closing Entry 0

Interest Expense No.633

Date Explaination Ref Debit Credit Balance

$ $ $

Dec 31 Interest Payable 20 20 20

Dec 31 Closing Entry 0

Advertising Expense No.636

Date Explaination Ref Debit Credit Balance

$ $ $

Dec 31 Cash 165 165 165

Dec 31 Closing Entry 0

Income Summary No.350

Date Explaination Ref Debit Credit Balance

$ $ $

Dec 31 Closing Entry 2,491 4,515 4,515

Closing Entry
Dec 31 2,024 2,024
(operating expenses)
0
Closing Entry
(Net Income)

Owner’s Capital No.301

 Date Explaination Ref Debit Credit Balance
$ $ $

Dec 1 Cash 500 800 800

Dec 31 Closing Entry 2,024 300
Dec 31 Closing Entry 2,324

Owner’s Drawings No.306

Date Explaination Ref Debit Credit Balance

$ $ $

Dec 31 Cash 500 500 500

Dec 31 Closing Entry 0

(c) Post-closing trial balance

COOKIE CREATIONS
Post-closing trial balance
December 31, 2016
Debit Credit
Cash $1,180
Account Receivable 875
Supplies 350
Prepaid Insurance 1,210
Equipment 1,200
Accumulated Depreciation - Equipment $40
Account Payable 75
Salaries and Wages Payable 56
Interest Payable 15
Unearned Service Revenue 300
Notes Payable 2,000
Owner’s Capital 2,329
$4,815 $4,815