2

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II. ANALYSIS

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Date Account titles and explanation PR Debit Credit
Mar
1st cash 101 100,000,000
Store equipment 165 200,000,000
Huyền trang capital 301 300,000,000
Owner's investment
2nd Furniture 161 30,000,000
Cash 101 3,000,000
Purchased furniture for cash
3rd Rent expense 640 10,000,000
Cash 101 10,000,000
Paid rent for march
4 Merchandise inventory 119 40,000,000
Note payable 240 40,000,000
Purchased additional
equipment
5 Wage Expense 623 5,000,000
Cash 101 5,000,000
paid wages content editor
6 Wage Expense 623 10,000,000
cash 101 10,000,000
paid wages to designer
7 Cash 101 18,000,000
Selling good revenue 403 18,000,000
Cash receipts from first week
open of march

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8 Accounts Receivable 102 4,000,000
Selling pre-oder goods 403 4,000,000
To record revenue for selling
pre-order
9 Cash 101 32,000,000
Selling good revenue 403 32,000,000.00
Cash receipts from e-
commerce
10 cash 101 4,000,000
accounts receivable 102 4,000,000.00
To record cash received as
payment on account
15 wages expense 623 10,000,000
cash 101 10,000,000
paid wages to sale staff
19 cash 101 50,000,000
selling good revenue 423 50,000,000
cash received during the
second week
22 furniture 161 30,000,000
cash 101 30,000,000
purchased furniture for cash
29 Note payable 240 40,000,000
cash 101 40,000,000
paid note payable
30 Huyền trang, withdrawals 302 30,000,000
cash 101 30,000,000
cash withdraw by owner

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THE LEDGER ACCOUNT
GENERAL LEDGER

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 TRIAL BALANCE

Double-entry accounting requires the sum of debit account

balances to equal the sum of credit account balances. A trial balance is
used to confirm this. A trial balance is a list of accounts and their
balances at a point in time. Account balances are reported in their
appropriate debit or credit columns of a trial balance. A trial balance
can be used to confirm this and to follow up on any abnormal or
unusual balances. The table above shows the trial balance
for SweetStore after its 12 entries have been posted to the
ledger.
(This is an unadjusted trial balance)

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 INCOME STATEMENT

An income statement reports the revenues earned more than the

expenses incurred by a business over a period of time. HUYỀN TRANG
FASHION STORE income statement for March is shown at the
top. Information about revenues and expenses is conveniently taken
from the trial balance on the previous page. A net income of
69,000,000 VNĐ is reported at the bottom of the statement. Owner
investments and withdrawals are not part of income.

STATEMENT OF OWNER'S EQUITY

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 BALANCE SHEET

The balance sheet reports the financial position of a company at a point

in time, usually at the end of a month, quarter, or year. This is HUYỀN
TRANG FASHION STORE balance sheet. This statement refers to the
financial condition at the close of business on MAR 30. The left side of
the balance sheet lists its assets: cash, merchandise inventory,
furniture, and office equipment. The upper right side of the balance
sheet shows that it owes 0 VNĐ. The equity section shows an ending
balance of 399,000,000 VNĐ. Note the link between the ending balance
of the statement of owner’s equity and the capital balance.

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 III. CONCLUSION
When starting a firm, we need to have a good understanding of the
financial numbers in order toccome up with development options that
are appropriate for the situation. It is possible to optimize the
company's model to make profits if we understand the company's
financial situation. Not only that, but this accounting project also
demonstrates the significance of financial statements in corporate
planning. Mr. Michael Green, Director of Business Development at
Capita People Solutions (UK), said it best:"With account management, I
think it's a long-term strategic partnership. It's almost like a marriage,
and in this case, it's with your account." We examined various
challenges and lessons to learn from the future through financial
statements (journal entry, trial balance, income statement, and balance
sheet) about HUYỀN TRANG FASHION STORE's activities in the first
month of the grand operation.

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IV. REFERENCES

- Fundamental Accounting Principles (20th Edition) by John J. Wild -

Ken W. Shaw - Barbara Chiappetta - McGraw-Hill Higher Education

- Textbook, slide

- Britannica, Fashion Industry By Valerie Steele, John S. Major,

https://www.britannica.com/art/fashion-industry, March 7th,
2022.
-

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INDIVIDUAL
ASSIGNMENT
REPORT
MKT1618 - ACC101 - Principle Of
Accounting
Instructor: Mrs. Nguyễn Phú Hà
March, 2022
This assignment is for university
course reporting only, is not intended
for actual business use. The copyright
is in the References at the end of the
report.

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