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

Academic Year 2022-2023, Term 2

Individual output
10% of final grade

DEADLINE: February 24, Friday, 11:59PM, AnimoSpace

The transactions that follow took place at the FDN Sports Center during January 2023. The business has indoor
courts where corporate customers can play sports for a fee.

The Chart of Accounts and financial transactions for the first month of operations are presented below and on
the next page:

FDN Sports Center

Chart of Accounts

Account # Account Title

Assets
101 Cash
111 Accounts Receivable
121 Supplies
131 Equipment
132 Furniture

Liabilities
201 Accounts Payable
202 Notes Payable

Owner’s Equity
301 Faith D. Nakpil, Capital
302 Faith D. Nakpil, Drawing

Revenues
401 Rental Fees

Expenses
501 Rent Expense
502 Repair Expense
503 Salaries Expense
504 Utilities Expense

FDNACCT Individual Project - AY 2022-23, Term 2 Page 1

Date Transactions
2023 Faith D. Nakpil, owner of FDN Sports Center, invested in her business the following: Cash,
Jan 2 ₱500,000 and old furniture and shelves originally costing ₱150,000 but with a fair market value of
₱100,000 at the time of investment.
3 Purchased various equipment from Office Plus, for ₱400,000, on terms: 30% down payment,
issuing Check #001, and the balance with a 60-day non-interest bearing note. Received Invoice #923
from Office Plus.
4 Purchased various supplies from Agno Supplies, for ₱35,000, payable in 20 days. Received Invoice
#435 from Agno Supplies.
7 Received ₱50,000 in cash from Aim High Corporation as rental fees. Issued Invoice #001 and
Official Receipt #001.
8 Returned defective supplies worth ₱5,000 to Agno Supplies. Received Credit Memo #37 from Agno
Supplies.
9 Issued Invoice #002 to De La Cruz and Partners Law Firm as rental fees, ₱80,000, payable by client
in 30 days.
13 Purchased various supplies from A1 Merchandising, for ₱50,000, on terms: 20% down payment,
issuing Check #002, and the balance payable in 30 days. Received Invoice #1352 from A1
Merchandising.
15 Paid employees’ salaries, ₱60,000, issued Check #003.
19 Collected ₱40,000 from De La Cruz and Partners Law Firm; issued Official Receipt #002.
20 Received ₱75,000 in cash from Chan Lee Photography Studio as rental fees. Issued Invoice #003
and Official Receipt #003.
23 Faith D. Nakpil withdrew the following for personal use: ₱5,000 worth of supplies and ₱20,000
cash, issued Check #005.
24 Paid the account due to Agno Supplies, issued Check #004.
25 Issued Invoice #004 Bohringer Media Productions as rental fees, ₱120,000, payable by client on
terms: 20% down payment, balance payable in 30 days. Issued Official Receipt #004 for the down
payment received from the customer.
26 Paid for equipment repairs, ₱12,000, issued Check #006.
27 Faith D. Nakpil made a partial payment of ₱100,000 for the note issued to Office Plus, using her
personal funds.
28 Paid the light, water, and internet bills, ₱38,000, issued Check #007.
29 Paid the rent for the month, ₱100,000, issued Check #008.
30 Paid employees’ salaries, ₱60,000, issued Check #009.

REMINDER:
• File name: FDNACCT<space>Section_Individual Project_Surname, First Name
Example: FDNACCT K31_ Individual Project_Cruz, Juan

FDNACCT Individual Project - AY 2022-23, Term 2 Page 2

INSTRUCTIONS:
1. - Before you start journalizing, enter the appropriate columnar Use MS Excel.
headings: Date, Description, P/R, Debit, Credit. Use Sheet1 for this.
- Journalize the transactions, including the appropriate description Rename the tab as GJ.
for each transaction. Use compound entry for entries with multiple
debit and credit accounts.
- Provide a column for the posting reference (P/R) for the account
numbers.
- Leave a space after every journal entry.
Number the first journal page as 1.
Excel rows 1-35 is page 1,
Excel rows 36-70 is page 2,
Excel rows 71-105 is page 3.
2. - Before you start posting, open the accounts by entering the Use a running-balance form
account names and account numbers in the headings. general ledger.
- Follow the order of the accounts in the Chart of Accounts. Use MS Excel.
- Post the accounts to the ledger. Use Sheet2 for this.
- Include the description / narrative / partner accounts. Rename the tab as GL.
- Provide a column for the posting reference (P/R) for the cross
referencing indicating tha journal page number.
- Leave a space after every account.
3. - Prepare the Trial Balance for the month ended Use MS Excel.
September 30, 2022. Use Sheet3 for this.
Rename the tab as TB.

RUBRIC FOR ASSESSMENT:

Individual project (Journal entries, ledger postings, and Trial Balance)
CRITERIA EXEMPLARY SATISFACTORY DEVELOPING BEGINNING RATING
(89-100) (80-88) (70-79) (Below 70)
Content - The student The student answered The student answered The student
Correctness answered the project majority of the project some of the project failed to answer
and correctly and correctly and correctly and the project
completeness completely. completely. completely. correctly and
(80%) completely.
Neatness and The student The student The student The student
orderliness accomplished the accomplished majority accomplished some of accomplished
(10%) requirements in of the requirements in the requirements in minimal portion
good form*. good form. good form. of the
requirements in
good form.
Timeliness The student The student submitted The student submitted The student
(10%) submitted output on output a day after the output three (3) days submitted output
or before the deadline. after the deadline. a week or more
deadline. after deadline.
TOTAL
*In good form: i.e., preserves neatness of work, places heading properly, uses money columns correctly, follows ruling procedures.

FDNACCT Individual Project - AY 2022-23, Term 2 Page 3