Elegant Beauty Salon Transactions

Chart of Accounts

Ref. # Assets Ref. # Revenues

101 Cash 401 Service Income
102 Salon Supplies
103 Prepaid Rent Ref. # Expenses
104 Equipment 501 License Fees and Taxes Expense
502 Utility Expense
Ref # Liabilities 503 Salaries Expense
201 Accounts Payable

Ref # Equity
301 Owner's Capital
 Elegant Beauty Salon Transactions
General Journal

Date Account Title and Explanation Ref. Debit

2019
Nov 3 Cash ₱ 850,000.00
Owner's, Capital
Mr. Luis Inigo Francis invested P850000 to the business

3 Prepaid Rent 48,000.00

Cash
Paid rent in advance for three months

3 License Fees and Taxes Expense 16,245.00

Cash
Paid business permits and other licenses

5 Equipment 65,000.00
Cash
Purchased equipment for salon

5 Salon Supplies 18,350.00

Cash
Purchased supplies for salon

7 Equipment 83,000.00
Accounts Payable
Purchased additional equipment for salon on credit

10 Cash 32,300.00
Service Income
Services rendered

30 Utility Expense 6,543.00

Cash
Paid utilities for the month of november

30 Cash 57,450.00
Service Income
Services rendered

30 Salaries Expense 37,000.00

Cash
Payroll for 5-30 November 2019
Dec 10 Cash 74,850.00
Service Income
Services rendered

15 Accounts Payable 36,000.00

Cash
Payment for accounts payable

30 Utility Expense 6,576.00

Cash
Paid utilities for the month of December

30 Cash 63,540.00
Service Income
Services rendered

30 Salaries Expense 37,000.00

Cash
Payroll for 1-30 December 2019
 Credit

₱ 850,000.00

48,000.00

16,245.00

65,000.00

18,350.00

83,000.00

32,300.00

6,543.00

57,450.00

37,000.00
74,850.00

36,000.00

6,576.00

63,540.00

37,000.00
 Elegant Beauty Salon Transactions
General Ledger

Account Name: Cash

Date Explanation Ref #

2019
Nov 3 Mr. Luis Inigo Francis invested P850000 to the business GJ 1
3 Paid rent in advance for three months GJ 1
3 Paid business permits and other licenses GJ 1
5 Purchased equipment for salon GJ 1
5 Purchased supplies for salon GJ 1
10 Services rendered GJ 1
30 Paid utilities for the month GJ 1
30 Services rendered GJ 1
30 Payroll for 5-30 November 2019 GJ 1
Dec 10 Services rendered GJ 1
15 Payment for accounts payable GJ 1
30 Paid utilities for the month of December GJ 1
30 Services rendered GJ 1
30 Payroll for 1-30 December 2019 GJ 1

Account Name: Salon Supplies

Date Explanation Ref #

2019
Nov 5 Purchased supplies for salon GJ 1

Account Name: Prepaid Rent

Date Explanation Ref #

2019
Nov 3 Paid rent in advance for three months GJ 1

Account Name: Equipment

Date Explanation Ref #

2019
Nov 5 Purchased equipment for salon GJ 1
7 Purchased additional equipment for salon on credit
Account Name: Accounts Payable

Date Explanation Ref #

2019
Nov 7 Purchased additional equipment for salon on credit GJ 1
Dec 15 Payment for accounts payable GJ 1

Account Name: Owner's Capital

Date Explanation Ref #

2019
Nov 3 Mr. Luis Inigo Francis invested P850000 to the business GJ 1

Account Name: Service Income

Date Explanation Ref #

2019
Nov 10 Services rendered GJ 1
30 Services rendered GJ 1
Dec 10 Services rendered
30 Services rendered

Account Name: License Fees and Taxes Expense

Date Explanation Ref #

2019
Nov 3 Paid business permits and other licenses GJ 1

Account Name: Utility Expense

Date Explanation Ref #

2019
Nov 30 Paid utilities for the month of november GJ 1
Dec 30 Paid utilities for the month of december

Account Name: Salaries Expense

Date Explanation Ref #

2019
Nov 30 Payroll for 5-30 November 2019 GJ 1
Dec 30 Payroll for 1-30 December 2019
nsactions
r

Account No. 101

Debit Credit Balance

₱ 850,000.00 ₱ 850,000.00
48,000.00 802,000
16,245.00 785,755
65,000.00 720,755
18350.00 702,405
32,300.00 734,705
6,543 728,162
57,450 785,612
37,000.00 748,612.00
74,850.00 823,462.00
36,000.00 787,462.00
6,576.00 780,886.00
63,540.00 844,426.00
37,000.00 807,426.00
₱ 1,078,140.00 270714 ₱ 807,426.00

Account No. 102

Debit Credit Balance

₱ 18,350.00 ₱ 18,350.00

Account No. 103

Debit Credit Balance

₱ 48,000.00 ₱ 48,000.00

Account No. 104

Debit Credit Balance

₱ 65,000.00 ₱ 65,000.00
83,000.00 148000.00
₱ 148,000.00 - ₱ 148,000.00
 Account No. 201

Debit Credit Balance

83,000.00 ₱ 83,000.00
36,000.00 ₱ 47,000.00
36,000.00 83,000.00 47,000.00

Account No. 301

Debit Credit Balance

₱ 850,000.00 ₱ 850,000.00

Account No. 401

Debit Credit Balance

₱32,300.00 ₱ 32,300.00
57,450.00 89750.00
74,850.00 164600.00
63,540.00 228140.00
228,140.00 ₱ 228,140.00

Account No. 501

Debit Credit Balance

₱ 16,245.00 ₱ 16,245.00

Account No. 502

Debit Credit Balance

₱ 6,543.00 ₱ 6,543.00
6,576.00 ₱ 13,119.00
₱ 13,119.00 ₱ 13,119.00

Account No. 503

Debit Credit Balance

₱ 37,000.00 ₱ 37,000.00
37,000.00 ₱ 74,000.00
₱ 74,000.00 ₱ 74,000.00
 Elegant Beauty Salon Transactions
Worksheet
For month of November and December

Unadjusted Trial Balance Income Statement Financial Position

Debit Credit Debit Credit Debit
Cash 807,426.00 807,426.00
Salon Supplies 18,350.00 18,350.00
Prepaid Rent 48,000.00 48,000.00
Equipment 148,000.00 148,000.00
Accounts Payable 47,000.00
Owner's Capital 850,000.00
Service Income 228,140.00 228,140.00
License Fees and Tax ₱ 16,245.00 ₱ 16,245.00
Utility Expense ₱ 13,119.00 ₱ 13,119.00
Salaries Expense ₱ 74,000.00 ₱ 74,000.00
1,125,140.00 1,125,140.00 103,364.00 228,140.00 1,021,776.00
Net Income 124,776.00
228,140.00 228,140.00 1,021,776.00
Financial Position
Credit

47,000.00
850,000.00

897,000.00
124,776.00
1,021,776.00
 Elegant Beauty Salon Elegant
Statement of Financial Position Statement o
As of November 30, 2019 As of Dec

Current Assets Current Assets

Cash ₱748,612.00 Cash
Salon Supplies 18350.00 Total Assets
Prepaid Rent 48000.00
Total Current Assets ₱814,962.00 Liabilities
Non Current Assets Accounts Payable
Equipment 148000.00 Equity
Total Assets ₱962,962.00 Owner's Capital
Total Liabilities and Equity

Liabilities
Accounts Payable 83000.00
Equity
Owner's Capital 850000.00
Total Liabilities and Equity ₱933,000.00
 Elegant Beauty Salon
Statement of Financial Position
As of December 31, 2019

Current Assets
₱58,814.00
Total Assets ₱58,814.00

Liabilities
Accounts Payable 47000.00

Owner's Capital 0.00

Total Liabilities and Equity ₱47,000.00
 Elegant Beauty Salon Elegant Bea
Statement of Comprehensive Income Statement of Comp
As of November 30, 2019 As of Decemb

Revenues Revenues
Service Income 89750.00 Service Income

Expenses Expenses
License Fees and Taxes Expense 16245.00 Utility Expense
Utility Expense 6543.00 Salaries Expense
Salaries Expense 37000.00 Total Expenses
Total Expenses 59788.00

Net Income 29962.00 Net Income

 Elegant Beauty Salon
Statement of Comprehensive Income
As of December 31, 2019

₱ 138,390.00

6,576.00
37,000.00
43,576.00

₱ 94,814.00