Group 4

Lecturer: Bùi Lê Minh

4
GROUP MEMBERS Roll Number
Nguyễn Thị Minh Nguyệt HS 160299
Đào Ngọc Ánh HS160829
An Thị Hoài Thu HS160819
Đào Tú Anh HS163447
Phạm Công Tiến HS160709
Thân Thị Mai HS163319

BUSINESS SUMMARY
Name: PassAcc
Date of establishment 01/01/2022
Product: T-shirt, Pant, Swimsuit, Hoodie
Target customer segment Students & Retailers
Inventory costing method FIFO
Date
Jan 01
Jan 02

Jan 04
Jan 06
Jan 07
Jan 10
Jan 15
Jan 23
Jan 28
Feb 28
Feb 28
Mar 03
Mar 05
Mar 10
Mar 14
Mar 31
Mar 31
Mar 31

Apr 01
Apr 01
Apr 05
Apr 10
Apr 14
Apr 18
Apr 30
Apr 30
May 08
May 09
May 15
May 28
May 31
May 31
Jun 01
Jun 04
Jun 07
Jun 30
Jun 30
Jun 30

Jul 01
Jul 04
Jul 10
Jul 11
Jul 25
Jul 31
Jul 31
Aug 01
Aug 08
Aug 15
Aug 15
Aug 31
Aug 31
Sep 30
Sep 30
Sep 30

Oct 01
Oct 01
Oct 01
Oct 31
Oct 31
Oct 31
Nov 06
Nov 14
Nov 25
Nov 30
Nov 30
Dec 02
Dec 31
Dec 31
Dec 31
Dec 31
Transactions
Nguyệt invested in PassAcc 50,000,000 as an owner contribution
PassAcc
PassAcc pays
pays 12,000,000
10,000,000 cash for 3-month
for equipment. rent. that this equipment is expected to use in 2 years and expected salvage valu
Knowing
at the end of year 2th.

PassAcc pays 6,000,000 for supplies

PassAcc purchases from Alibaba 200 T-shirts at 100,000 per merchandise inventory for cash.
PassAcc borrows 70,000,000 from BIDV, with 8% interest
PassAcc pays 5,000,000 cash for social insurance.
PassAcc purchases decorations for Lunar new year for 5,000,000 by cash
PassAcc purchases from Taobao 200 T-shirts at 120,000 per merchandise inventory by cash.
PassAcc sold 21 T-shirts to FPT Students in total for cash. Assume that we apply promotion to encourage customers buy more
PassAcc pays 700,000 for utilities
PassAcc orders a shop sign board with neon light for 1,000,000
PassAcc purchases from Taobao 350 Pants at 100,000 per merchandise for cash.
PassAcc sells to 99 Vintage 50 T-shirt at 170,000 per merchandise for cash
Nguyệt withdraws 2,000,000 cash from PassAcc for personal use.
PassAcc sold 30 T-shirts to FPT Students in total for cash, at 180,000 per merchandise
PassAcc pays employee 3,400,000 for 17-day working from Mar.1 to Mar.31
PassAcc pays 600,000 for utilities

Nguyệt invests another 50,000,000

PassAcc pays 35,000,000 for the next 9-month rent
PassAcc pays 2,000,000 for a small advertising campaign on Facebook
PassAcc sells to ABC company in Singapore 100 T-shirts at 200,000 per merchandise on credit, FOB shipping point
PassAcc pays 600,000 to BeeLogistics for transportation
PassAcc receives 20,000,000 from ABC for selling 100 T-shirts in Apr.10
PassAcc pays employee 4,200,000 for 21-day working from Apr.1 to Apr.30
PassAcc pays 800,000 for utilities
PassAcc sells to 99 Vintage 100 T-shirt and 150 Pants at 170,000 per merchandise on credit, payment term is 3/10, n/30
PassAcc purchases 200 swimsuit sets from Taobao at 170,000 per set by cash
PassAcc receives money from 99 Vintage for selling 100 T-shirts and 150 Pants
PassAcc receives 200 Swimsuit sets, pays 1,000,000 to BeeLogistics for transportation
PassAcc pays employee 4,000,000 for 20-day working from May.1 to May.31
PassAcc pays 600,000 for utilities
99 Vintage return 10 defective Pants, PassAcc refunds 100,000 each
PassAcc purchases a new Daikin air-conditioner for 10,000,000, expected to use in 5 years and expected salvage value is 0
PassAcc purchases 300 T-shirts from Taobao at 100,000 per merchandise
PassAcc sells 70 T-shirts, 80 Pants to FPT Students in total of 3 months for cash, at 200,000 per merchandise
PassAcc pays employee 4,200,000 for 21-day working from Mar.28 to Apr.27
PassAcc pays 1,000,000 for utilities

PassAcc sells to DEF in Malaysia 100 Swimsuit sets at 300,000 per set on credit, FOB shipping point
PassAcc pays 500,000 to Bee Logistics for transportation
PassAcc sells 100 Swimsuits set to Lynn store, at 270,000 per set for cash
PassAcc orders 100 pants from Occo tailor at 130,000 per pant on credit in term of 2/10, n/30
PassAcc receives 30,000,000 from DEF for transaction on
PassAcc pays employee 4,200,000 for 21-day working from Jul.1 to Jul.31
PassAcc pays 1,000,000 for utilities
PassAcc receives Pants from Occo, pays them 13,000,000
PassAcc sells to HeliBer 50 T-Shirts, 100 Pants at 180,000 per merchandise, got prepaid
PassAcc delivers clothes to HeliBer, finish the transaction on
Nguyệt withdraws 2,000,000 cash from PassAcc for personal use.
PassAcc pays employee 3,800,000 for 19-day working from Aug.1 to Aug.31
PassAcc pays 700,000 for utilities
PassAcc sells 30 T-shirts, 70 Pants to FPT Students in total of 3 months for cash, at 200,000 per merchandise
PassAcc pays employee 4,400,000 for 22-day working from Sep.1 to Sep.30
PassAcc pays 600,000 for utilities

PassAcc pays 5,000,000 for autumn advertising campaign on Facebook

PassAcc purchases from Alibaba 150 Pants at 100,000 per merchandise
PassAcc purchases from Alibaba 100 Hoodies at 250,000 per merchandise
PassAcc sells to FPT Students 50 T-shirts at 180,000 per merchandise
PassAcc pays employee 4,400,000 for 22-day working from Oct.1 to Oct.31
PassAcc pays 600,000 for utilities
PassAcc sells 50 Hoodies to 99 Vintage at 350,000 per hoodie on credit, payment term 5/10, n/30
PassAcc receives money from 99 Vintage
PassAcc sells to FPT Students 50 T-shirts and 50 Pants at 150,000 per merchandise
PassAcc pays employee 4,200,000 for 21-day working from Nov.1 to Nov.30
PassAcc pays 600,000 for utilities
PassAcc sells 50 T-shirts, 50 Pants, and 50 Hoodies to Lynn store, at 200,000 per T-shirt or Pants, and 350,000 per Hoodie for
PassAcc sells to FPT Students 50 T-shirts at 130,000 per merchandise
PassAcc pays employee 4,400,000 for 22-day working from Dec.1 to Dec.31
PassAcc pays 700,000 for utilities
PassAcc has used 4,900,000 supply in 2022
Date Account
Jan 01 Cash
Owner's Capital

Jan 02 Prepaid rents

Cash
Jan 04 Equipment
Cash
Jan 06 Supplies
Cash
Jan 07 Merchandise inventory
Cash
Jan 10 Cash
Loan payable
Jan 15 Prepaid Insurance
Cash
Jan 23 Decorations expense
Cash
Jan 28 Merchandise inventory
Cash
Feb 28 Cash
Sales discount
Revenue
COGS
Merchandise inventory
Utilities expense
Cash
Mar 03 vertisement expense - Shop sign board
Cash
Mar 05 Merchandise inventory
Cash
Mar 10 Cash
Revenue
COGS
Merchandise inventory
Mar 14 Owner's withdrawal
Cash
Mar 31 Cash
Revenue
COGS
Merchandise inventory
Salary expense
Cash
Utilities expense
Cash

Apr 01 Cash
Owner's capital
Prepaid rents
Cash
Apr 05 Advertisement expense - FB Ads
 Cash
Apr 10 Accounts receivable
Revenue
Apr 14 Transportation expense
Cash
Apr 18 Cash
Accounts receivable
Apr 30 Salary expense
Cash
Utilities expense
Cash
May 08 Accounts receivable
Revenue
COGS
Merchandise inventory
May 09 Merchandise inventory
Cash
May 15 Cash
Discount expense
Accounts receivable
May 28 Transportation expense
Cash
May 31 Salary expense
Cash
Utilities expense
Cash

Jun 01 Sales returns and allowances

Cash
Merchandise inventory
COGS
Jun 04 Equipment
Cash
Jun 07 Merchandise inventory
Cash
Jun 30 Cash
Revenue
COGS
Merchandise inventory
Salary expense
Cash
Utilities expense
Cash

Jul 01 Accounts receivable

Revenue
COGS
merchandise inventory
Jul 04 Transportation expense
Cash
Jul 10 Cash
 Revenue
COGS
merchandise inventory
Jul 11 Merchandise inventory
Accounts payable
Jul 25 Cash
Accounts receivable
Jul 31 Salary expense
Cash
Utilities expense
Cash

Aug 01 Accounts payable

Cash
Aug 08 Cash
Unearned Revenue
Aug 15 Unearned Revenue
Revenue
Owner's withdrawal
Cash
Aug 31 Salary expense
Cash
Utilities expense
Cash
Sep 30 Cash
Revenue
COGS
Merchandise inventory
Salary expense
Cash
Utilities expense
Cash

Oct 01 Advertisement expense - FB Ads

Cash
Merchandise inventory
Cash
Merchandise inventory
Cash
Oct 31 Cash
Revenue
COGS
Merchandise inventory
Salary expense
Cash
Utilities expense
Cash
Nov 06 Accounts receivable
Revenue
COGS
Merchandise inventory
 Nov 14 Cash
Discount expense
Accounts receivable
Nov 25 Cash
Revenue
COGS
Merchandise inventory
Nov 30 Salary expense
Cash
Utilities expense
Cash
Dec 02 Cash
Revenue
COGS
Merchandise inventory
Dec. 31 Cash
Revenue
COGS
Merchandise inventory
Salary expense
Cash
Utilities expense
Cash

Total
Debit Credit Closing entries
50,000
50,000 Date

12,000 31/12
12,000
10,000
10,000
6,000 To close revenue accounts to income summary
6,000
20,000 31/12
20,000
70,000
70,000
5,000
5,000
5,000
5,000
24,000
24,000
2,800
1,400
4,200 To close expense accounts to income summary
2,100
2,100
700 31/12
700
1,000
1,000
35,000 31/12
35,000
8,500
8,500
5,000
5,000
2,000
2,000
5,400
5,400
3,000
3,000
3,400
3,400
600
600

50,000
50,000
35,000
35,000
2,000
 2,000
20,000
20,000
600
600
20,000
20,000
4,200
4,200
800
800
42,500
42,500
27,000
27,000
34,000
34,000
41,225
1,275
42,500
1,000
1,000
4,200
4,200
600
600

1,000
1,000
1,000
1,000
10,000
10,000
30000
30000
30,000
30,000
16,400
16,400
4,200
4,200
1,000
1,000

30,000
30,000
17,000
17,000
500
500
27,000
 27,000
17,000
17,000
13,000
13,000
30,000
30,000
4,200
4,200
1,000
1,000

13,000
13,000
27,000
27,000
27,000
27,000
2,000
2,000
3,800
3,800
700
700
20,000
20,000
11,200
11,200
4,400
4,400
1,200
1,200

5,000
5,000
15,000
15,000
25,000
25,000
9,000
9,000
5,000
5,000
4,400
4,400
600
600
17,500
17,500
12,500
12,500
 16,625
875
17,500
15,000
15,000
11,500
11,500
4,200
4,200
600
600
37,500
37,500
22,800
22,800
6,500
6,500
5,000
5,000
4,400
4,400
700
700

1,120,600 1,120,600
 Closing entries

Account Debit Credit

Revenue 299500
Sales discount 2150
Sales returns and allowance 1000
Income summary 296350
To close revenue accounts to income summary

Income summary 273900

Cost of goods sold ###
Depreciation expense-equipment 4,000
Salary expense 41,400
Insurance expense 5,000
Rental expense 47,000
Utilities expense 8,500
Decoration expense 5,000
Advertisement expense 8,000
Supply expense 4,900
Transportation expense 2,100

To close expense accounts to income summary

Income summary 22450

Retained earnings 22450
To close income summary to owner's capital

PassAcc capital 100000

Owner's withdrawal 4000
To close withdrawals to owner's capital
 Cash Revenue Expense
Dr Cr Dr Cr Dr
50,000 4,200 5,000
12,000 8,500 700
10,000 5,400 1,000
6,000 20,000 3,400
20,000 42,500 600
70,000 30,000 600
5,000 30,000 4,200
5,000 27,000 800
24,000 27,000 1,275
2,800 20,000 1,000
700 9,000 4,200
1,000 17,500 600
35,000 15,000 4,200
8,500 37,500 1,000
2,000 6,500 500
5,400 4,200
3,400 300,100 1,000
600 4,400
50,000 1,200
35,000 5,000
2,000 4,400
600 600
20,000 875
4,200 4,200
800 600
34,000 4,400
41,225 700
1,000
4,200 60,650
600
1,000
10,000
30000
30,000
4,200
1,000
500
27,000
30,000
4,200
1,000
13,000
27,000
2,000
3,800
700
20,000
4,400
 1,200
5,000
15,000
25,000
9,000
4,400
600
16,625
15,000
4,200
600
37,500
6,500
4,400
700

466,550 344,000
Expense
Cr
 Purchase COGS
7-Jan 200 T-shirts @ 100 20000
28-Jan 200 T-shirts @ 120 24000

28-Jan 21 T-shirts @ 100 2100

5-Mar 350 Pants @ 100 35,000

10-Mar 50 T-shirts @ 100 5,000

31-Mar 30 T-shirts @ 100 3,000

10-Apr 99 T-shirts @ 100 9,900

1 T-shirts @ 120 120
8-May 100 T-shirts @ 120 12000
150 Pants @ 100 15000
9-May 200 Swimsuits @ 170 34,000

1-Jun (Returned)
10 Pants @ 100 1,000

7-Jun 300 T-shirts @ 100 30000

30-Jun 70 T-shirts @ 120 8,400

80 Pants @ 100 8000

1-Jul 100 Swimsuits @ 170 17,000

10-Jul 100 Swimsuits @ 170 17,000

11-Jul 100 Pants @ 130 13,000

8-Aug 29 T-shirts @ 120 3480

21 T-shirts @ 100 2100
100 Pants @ 100 10000
30-Sep 30 T-shirts @ 100 3000
30 Pants @ 100 3000
40 Pants @ 130 5200
 1-Oct 150 Pants @ 100 15,000
100 Hoodies @ 250 25,000

31-Oct 50 T-shirts @ 100 5,000

6-Nov 50 Hoodies @ 250 12,500

25-Nov 50 T-shirts @ 100 5000

50 Pants @ 130 6500

2-Dec 50 T-shirts @ 100 5000

10 Pants @ 130 1300
40 Pants @ 100 4000
50 Hoodies @ 250 12500
31-Dec 50 T-shirts @ 100 5000

Ending Balance 181100

 Inventory Balance Revenue Cash Account receivable Unearned revenue
200 T-shirts @ 100
200 T-shirts @ 100
200 T-shirts @ 120
179 T-shirts @ 100 4200 2800
200 T-shirts @ 120
179 T-shirts @ 100
200 T-shirts @ 120
350 Pants @ 100
129 T-shirts @ 100 8,500 8,500
200 T-shirts @ 120
350 Pants @ 100
99 T-shirts @ 100 5,400 5,400
200 T-shirts @ 120
350 Pants @ 100
199 T-shirts @ 120 20,000 20,000
350 Pants @ 100
99 T-shirts @ 120 42,500 42,500
200 Pants @ 100
99 T-shirts @ 120
200 Pants @ 100
200 Swimsuits @ 170

99 T-shirts @ 120
210 Pants @ 100
200 Swimsuits @ 170
99 T-shirts @ 120
210 Pants @ 100
200 Swimsuits @ 170
300 T-shirts @ 100
29 T-shirts @ 120 30,000 30,000
130 Pants @ 100
200 Swimsuits @ 170
300 T-shirts @ 100
29 T-shirts @ 120 30,000 30,000
130 Pants @ 100
100 Swimsuits @ 170
300 T-shirts @ 100
29 T-shirts @ 120 27,000 27,000
130 Pants @ 100
300 T-shirts @ 100
29 T-shirts @ 120
130 Pants @ 100
300 T-shirts @ 100
100 Pants @ 130
30 Pants @ 100 27,000 27,000
279 T-shirts @ 100
100 Pants @ 130
249 T-shirts @ 100 20,000 20,000
60 Pants @ 130
249 T-shirts @ 100
60 Pants @ 130
150 Pants @ 100
100 Hoodies @ 250
199 T-shirts @ 100 9,000 9,000
60 Pants @ 130
150 Pants @ 100
100 Hoodies @ 250
199 T-shirts @ 100 17,500 17,500
60 Pants @ 130
150 Pants @ 100
50 Hoodies @ 250
149 T-shirts @ 100 15,000 15,000
10 Pants @ 130
150 Pants @ 100
50 Hoodies @ 250
99 T-shirts @ 100 37,500 37,500
110 Pants @ 100

49 T-shirts @ 100 6,500 6,500

110 Pants @ 100
15,900 273100 188700 110,000 27,000
 PassAcc Company
Financial Statement
Income statement
Account 31 Dec
Revenue
Revenue 296350
Cost of goods sold 148000
Gross profit 148350
Operating expense
Salary expense 41400
Depreciation expense - equipment 4000
Supply expense 4900
Utilities expense 8500
Decoration expense 5000
Advertisement expense 8000
Transportation expense 2100
Total operating expense 73900
General and administrative expense
Bad debts expense
Insurance expense 5000
Rental expense 47000
Total general and administrative expense 52000
Total operating expense 125900
Net income 22450

Statement of owner's equity

Account January
Beginning balance 0
Investment by owner 100,000
Net income 22450
Owner's withdrawal 4,000
Total owner's equity 118450

Balance sheet
Accounts 2022
Assets
Current assets
Cash 0
Accounts receivable 0
Allowance for doubtful accounts
Merchandise inventory 44,000
Prepaid insurance 0
Prepaid rent 0
Non-current assets
Supply 1100
 Equipment 16000
Accumulated depreciation-equipment
Total assets 61,100
Liabilities
Current liabilities
Account payable 0
Loan payable 70000
Unearned revenue
Owner's equity
PassAcc capital 100000
Withdrawal -4000
Retained earnings 22450
Total liabilities and equity 188450