The Perfect Gentleman Barbershop

General Journal

Date Account Title and Explanation Ref.

2019
Sept 1 Cash
Owner's, Capital
Francis invested P50000 cash to put up the business

1 Supplies
Cash
Purchase of shampoo, hair spa, hot oil, shaving cream, aftershave lotion

1 Supplies
Cash
Purchase of nail polish, cuticle remover, lotion, nail gel

20 Prepaid Salaries
Cash
Advance payment to one grooming specialist

30 Salaries Expense
Cash
Payment of wages for grooming specialists

30 Salaries Expense
Cash
Payment of wages for enhancement assistants

30 Cash
Service Income
Services rendered by grooming specialists for the month

30 Cash
Service Income
Services rendered by the enhancement assistants for the month

30 Rent expense
Cash
Payment for the rental of the salon space

30 Utilities Expense
Cash
Payment for utilities

ADJUSTMENTS
30 Salaries Expense
 Prepaid Expense
Paid advance payment employee salary
 Debit Credit

₱50,000
₱50,000

9,885
9,885
rshave lotion

6,575
6,575

2500
2500

21,500
21,500

38,400
38,400

73,700
73,700

67,700
67,700

15,000
15,000

3,575
3575

2500
2500
 The Perfect Gentleman Barbershop
General Ledger

Account Name:

Date
2019
Sept 1
1
1
20
30
30
30
30
30
30

Account Name:

Date
2019
Sept 1
1

Account Name:

Date
2019
Sept 20

Account Name:

Date
2019
Sept 1

Account Name:

Date
 2019
Sept 30
30

Account Name:

Date
2019
Sept 30

Account Name:

Date
2019
Sept 30

Account Name:

Date
2019
Sept 30
30
 The Perfect Gentleman Barbershop
General Ledger

Cash

Explanation Ref # Debit

Francis invested P50000 cash to put up the business GJ 1 ₱ 50,000

Purchase of shampoo, hair spa, hot oil, shaving cream, aftershave lotion GJ 1
Purchase of nail polish, cuticle remover, lotion, nail gel GJ 1
Advance payment to one grooming specialist GJ 1
Payment of wages for grooming specialists GJ 1
Payment of wages for enhancement assistants GJ 1
Services rendered by grooming specialists for the month GJ 1 ₱ 73,700
Services rendered by the enhancement assistants for the month GJ 1 ₱ 67,700
Payment for the rental of the salon space GJ 1
Payment for utilities GJ 1
₱ 191,400
Supplies

Explanation Ref # Debit

Purchase of shampoo, hair spa, hot oil, shaving cream, aftershave lotion GJ 1 ₱ 9,885
Purchase of nail polish, cuticle remover, lotion, nail gel GJ 1 ₱ 6,575

Prepaid Salaries

Explanation Ref Debit

Advance payment to one grooming specialist GJ 1 ₱ 2,500

Owner's Capital

Explanation Ref Debit

Francis invested P50000 cash to put up the business GJ 1

Service Income

Explanation Ref Debit

Services rendered by grooming specialists for the month GJ 1
Services rendered by the enhancement assistants for the month

Rent Expense

Explanation Ref Debit

Payment for the rental of the salon space GJ 1 ₱ 15,000

Utilities Expense

Explanation Ref Debit

Payment for utilities GJ 1 ₱ 3,575

Salaries Expense

Explanation Ref Debit

Payment of wages for grooming specialists GJ 1 ₱ 21,500

Payment of wages for enhancement assistants ₱ 38,400
 Account No. 101

Credit Balance

₱ 50,000
₱ 9,885 ₱ 40,115
₱ 6,575 ₱ 33,540
₱ 2,500 ₱ 31,040
₱ 21,500 ₱ 9,540
₱ 38,400 -₱ 28,860
₱ 44,840
₱ 112,540
₱ 15,000 ₱ 97,540
₱ 3,575 ₱ 93,965
₱ 97,435 ₱ 93,965
Account No. 102

Credit Balance

₱ 9,885
₱ 16,460
₱ 16,460
Account No. 301

Credit Balance

₱ 2,500

Account No. 301

Credit Balance

₱ 50,000 ₱ 50,000

Account No. 401

Credit Balance
₱ 73,700 ₱ 73,700
₱ 67,700 ₱ 141,400
₱ 141,400

Account No. 501

Credit Balance

₱ 15,000

Account No. 502

Credit Balance

₱ 3,575

Account No. 503

Credit Balance

₱ 21,500
₱ 59,900
₱ 59,900
 The Perfect Gentleman Barbershop
Worksheet
For the month of September 2019

TRIAL BALANCE Adjustments Adjusted Trial Balance

Debit Credit Debit Credit Debit
Cash 93,965.00 93,965.00
Supplies 16,460.00 16,460.00
Prepaid Salaries 2,500.00 2500 -
Owner's Capital 50,000.00
Service Income 141,400.00
Rent Expense 15,000.00 15,000.00
Utilities Expense 3,575.00 3,575.00
Salaries Expense 59,900.00 2500 62,400.00
191,400.00 191,400.00 191,400.00
Net Income
ershop

r 2019

Adjusted Trial Balance Income Statement

Credit Debit Credit

50,000.00
141,400.00 141,400.00
15,000.00
3,575.00
62,400.00
191,400.00 80,975.00 141,400.00
60,425.00
141,400.00 141,400.00
 The Perfect Gentleman BarberShop
INCOME STATEMENT
For the month of September 2019

REVENUE
Service Income P 141,400.00

Less: Operating Expenses

Rent Expense P 15,000.00
Utilities Expense 3,575.00
Salaries Expense 62,400.00
Total Expenses 80,975.00

Net Income P 60,425.00