FDNACCT: Project - Journal entries, ledger postings, and Trial Balance (service business)

Term 2, AY2021-2022
Individual output
5% of final grade

In June 2021, Chan Lee opened a photography studio that provides services to public and private
schools. His firm’s Chart of Accounts and financial activities for the first month of operations
appear below:

Chan Lee Photography Studio

Chart of Accounts
ASSETS REVENUE
101 Cash 404 Service Fees
111 Accounts Receivable EXPENSES
121 Supplies 511 Rent Expense
141 Office Furniture 512 Salaries Expense
142 Office Equipment 513 Telephone Expense
151 Photographic Equipment 514 Utilities Expense
LIABILITIES 531 Miscellaneous Expense
202 Accounts Payable

OWNER’S EQUITY
301 Chan Lee, Capital
302 Chan Lee, Drawing

Date Transactions
June 1 Chan Lee invested P300,000 cash in the business.
2 Issued Check # 1001 for P30,000 to pay the June rent.
5 Purchased desks and other office furniture for P50,000 from Office Plus;
received Invoice # 5312, payable in 60 days.
6 Issued Check # 1002 for P150,000 to purchase photographic equipment.
7 Purchased photography supplies for P40,000, paid with Check # 1003.
10 Issued Check # 1004 for P5,000 for office cleaning service.
12 Performed services to Bright Minds School for P130,000; received 30% cash,
the balance on credit. (Use compound entry).
15 Returned damaged photography supplies, received P3,000 cash refund.
18 Purchased a computer for P60,000 from Micro Center; Invoice # 304;
issued Check # 1005 for P15,000 as down payment, the balance is payable in 30 days.
(Use compound entry).
20 Issued Check # 1006 for P20,000 to Office Plus as partial payment for desks
and other office furniture purchased on June 5 with Invoice # 5312.
26 Performed services to ABC Learning School for 70,000 on credit.
27 Paid P2,500 for monthly phone bill, issued Check # 1007.
30 Received P91,000 from Bright Minds School as full payment for services rendered
on June 12.
30 Issued Check # 1008 to pay the monthly electricity bill of P17,000.
30 Issued Check # 1009 for P25,000 for salaries.
INSTRUCTIONS:
1. Journalize the transactions.
Number the first journal page as 1.
Describe each entry.
2. Post to the ledger accounts.
Before you start the posting process, open the
accounts by entering the names and numbers
in the headings.
Follow the order of the accounts
in the Chart of Accounts.
3. Prepare the Trial Balance for the month ended
June 30, 2021.
Adapted from:
Price, J., Haddock, M., & Farina, M., (2021). College Accounting, 16th edition. McGraw-Hill Education.
Use a general journal.
Alternatively, you may use MS Excel.
Use Sheet1 for this.
Use a standard form general ledger.
Alternatively, you may use MS Excel.
Use Sheet2 for this.
Use a 2-column journal (or general journal)
Alternatively, you may use MS Excel.
Use Sheet3 for this.

DEADLINE: December 3, 2021, Friday, 12:30pm, AnimoSpace

REMINDERS:
• Save final file as pdf.
• File name: FDNACCT<space>Section_Project_Surname, First Name
Example: FDNACCT C31A_Project_Cruz, Juan

RUBRICS FOR ASSESSMENT:

Individual project (Journal entries, ledger postings, and Trial Balance)
CRITERIA EXEMPLARY SATISFACTORY DEVELOPING BEGINNING RATING
(97-100) (80-96) (70-79) (Below 70)
Correctness The student The student The student The student
and answered all answered majority answered some of failed to
completeness requirements of the requirements the requirements answer all
(80%) correctly and correctly. correctly. requirements
completely. correctly.
Neatness and The student The student The student The student
Orderliness accomplished the accomplished accomplished some accomplished
(10%) requirements in majority of the of the requirements minimal
good form (i.e. requirements in in good form. portion of the
properly used good form. requirements in
money columns; good form.
properly placed
heading; preserved
neatness of work).
Timeliness The student The student The student The student
(10%) submitted output submitted output a submitted output submitted
on or before the day after the two (2) days after output three (3)
deadline. deadline. the deadline. days or more
after deadline.
TOTAL