FUNDAMENTALS OF ACCOUNTANCY, BUSINESS & MANAGEMENT 1

Activity: Recording and Posting of Transactions

Name: ________________________________ Grade & Section: ___________

Selected transactions from Sienna’s Spa and Salon are presented below. During the month of
March, the following transactions were completed:

2024
March Transactions
01 Sienna invested ₱300,000 cash in the business.
02 Purchased spa equipment from Mitsubishi by paying cash, ₱50,000.
03 Paid rent for the month of February, ₱5,000
05 Bought office supplies from Expressions Bookstore on credit, ₱3,000
06 Additional investment of Sienna, ₱150,000
10 Charged customers for spa services rendered, ₱55,000
12 Paid Expressions Bookstore in full
15 Received payment from customers on account, ₱15,000
17 Received cash for spa services rendered, ₱25,000
19 Paid salaries for the week, ₱15,000
20 Purchased sauna equipment for ₱200,000, paying 50% down payment and the
remaining balance for installments.
21 Personal withdrawal of Sienna, ₱45,000, for a vacation in Boracay
23 Paid first installment for the sauna equipment, ₱40,000
25 Paid utilities for the month, ₱4,500
26 Paid second installment for the sauna equipment, ₱30,000
27 Customer issued a note for their account, ₱20,000
28 Payment of third installment for the sauna equipment, ₱30,000
29 Collection of customer account, ₱20,000
31 Customer paid the note in full
31 Paid salaries for the week, ₱15,000

Required:
1. Record the transactions on the general journal.
2. Post entries on the general ledger. Below is the chart of accounts for your reference.

Sienna’s Spa and Salon

Chart of Accounts
Account Number:
Assets:
Cash 110
Accounts Receivable 120
Notes Receivable 130
Office Supplies 140
Equipment 150
Liabilities:
Accounts Payable 210
Owner’s Equity:
Capital 310
Drawing 320
Service Revenue 410
Salaries Expense 510
Rent Expense 520
Utilities Expense 530
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Page Number GJ1

Date DESCRIPTION REF# Debit Credit
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Page Number GJ2

Date DESCRIPTION REF# Debit Credit
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Page number General Ledger 1

Account 110 CASH BALANCE
Date Item Post Debit Credit Debit Credit

Account 120 ACCOUNTS RECEIVABLE BALANCE

Date Item Post Debit Credit Debit Credit

Account 120 NOTES RECEIVABLE BALANCE

Date Item Post Debit Credit Debit Credit
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Page number General Ledger 2

Account 140 OFFICE SUPPLIES BALANCE
Date Item Post Debit Credit Debit Credit

Account 150 EQUIPMENT BALANCE

Date Item Post Debit Credit Debit Credit

Account 210 ACCOUNTS PAYABLE BALANCE

Date Item Post Debit Credit Debit Credit

Account 310 CAPITAL BALANCE

Date Item Post Debit Credit Debit Credit

Account 320 DRAWING BALANCE

Date Item Post Debit Credit Debit Credit

Account 410 SERVICE REVENUE BALANCE

Date Item Post Debit Credit Debit Credit
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Page number General Ledger 3

Account 510 SALARIES EXPENSE BALANCE
Date Item Post Debit Credit Debit Credit

Account 520 RENT EXPENSE BALANCE

Date Item Post Debit Credit Debit Credit

Account 530 UTILITIES EXPENSE BALANCE

Date Item Post Debit Credit Debit Credit

Sienna’s Spa and Salon

Trial Balance
Acct No. Debit Credit
Assets:
Cash 110
Accounts Receivable 120
Notes Receivable 130
Office Supplies 140
Equipment 150
Liabilities:
Accounts Payable 210
Owner’s Equity:
Capital 310
Drawing 320
Service Revenue 410
Salaries Expense 510
Rent Expense 520
Utilities Expense 530
Balance: