Principles of Accounting

Topic:

Record your transactions for the month ended February 28, 2023

Lecturer: NGUYEN THANH HUYEN

Student’s name: HOA NG THIEN ANH

Student’s ID number: HS171284

Class: IB1714
Email: Anhhths171284@fpt.edu.vn
Date: Spring 2023
PART 1: ANALYZE ALL TRANSACTIONS FOLLOWING STEPS OF THE ACCOUNTING
CYCLE

Step 1: Analyze each transactions and event from source documents

Feb 1, pay debt from last month Feb 2, purchase lunch and lend a friend
Feb 2, purchase equipment Feb 3, Purchase supplies and food Feb 4,
Purchase food
Feb 5, Purchase drink . Feb 5, Purchase vegetables Feb 7 , purchase luch
Feb 10, purchase lens Feb 15, purchase supplies Feb 17, pay for bus

Feb 17, travel expenses Feb 20, phone recharge expense

Feb 22, borrowed Thao Feb 25, coal expense

Feb 25, accommodation service expense Feb 25, purchase food ạnd lend Lan Anh
 Feb 25. Lan pay debt Feb 27, pay debt

Feb 28, eyelash expense

Step 2: Record in General Journal

Date Description Debit Credit

Feb. 1 Cash 4.000.000
Revenues 4.000.000
( To receive money from parents by bank transfer)
Feb. 1 Account payable 290.000
Cash 290.000
(Pay debt from last month by bank transfer)
Feb.2 Lunch expense 35.000
Account receivable – Lan Anh 35.000
Cash 70.000
(Purchase lunch and lend a friend by cash)
Feb.2 Equipment – Bluetooth headphone 271.200
Cash 271.200
( Purchase equipment by bank transfer)
Feb.3 Supplies 36.000
 Cash 36.000
( Purchase supplies by cash)
Feb.3 Food expense 136.100
Cash 136.100
( Purchase food by cash)
Feb. 4 Food expense 116.210
Cash 116.210
( Purchase food by cash)
Feb. 5 Drink expense 35.000
Cash 35.000
( Purchase buble milk tea by cash)
Feb. 5 Fruit and vegetable expense 49.000
Cash 49.000
( Purchase fruit and vegetable by cash)
Feb. 7 Cash 35.000
Account receivable – Lan Anh 35.000
( Lan Anh pay debt on Feb.2)

Feb.7 Lunch expense 35.000

Cash 35.000
( Purchase lunch by cash)
Feb. 10 Supplies 373.000
Cash 373.000
( Purchase contact lenses by bank transfer)
Feb. 15 Supplies 45.000
Delivery fee 22.200
Delivery discount 11.100
Cash 56.100
( Purchase supplies less delivery discount)
Feb. 17 Bus expense 9.000
Cash 9.000
( Pay for bus ticket by cash)
Feb.17 Travel expense 155.000
Cash 155.000
(Pay for travel expense by cash)
Feb. 20 Phone recharge expense 10.000
Cash 10.000
( Pay for phone recharge expense by cash)
Feb. 21 Cash 500.000
Thien Anh, Capital 500.000
( To record father’s contributions by bank transfer)
Feb.22 Fast food expense 40.000
Account payable 40.000
( Borrow from Thao)
Feb.24 Cash 20.000
Account Payable 20.000
( Get a loan from Thao)
Feb. 25 Coal expense 80.000
Cash 80.000
( Pay for coal expense by bank tranfer)
Feb. 25 Accommodation service expense 580.000
Cash 580.000
( Pay for accommodation service expense by cash)
Feb. 25 Food expense 152.060
Account receivable – Lan Anh 121.000
Cash 273.060
( Pay for food expense and lend Lan Anh by cash)
Feb. 25 Cash 121.000
 Account receivable – Lan Anh 121.000
(Received money from Lan Anh's debt on Feb. 25)
Feb. 27 Account Payable 60.000
Cash 60.000
(Pay debt on feb, 22 and Feb. 24)
Feb. 28 Eyelash extensions expense 150.000
Cash 150.000
(Pay for eyelash extensions expense by bank
transfer)
Feb. 28 Thien Anh, Withdrawals 300.000
Cash 300.000
( To record Thien Anh, withdrawals)
Feb. 28 Rental expense 3.500.000
Prepaid rental 3.500.000
( To adjust prepaid rental)
Feb. 28 Tuition expense 9.118.000
Prepaid tuition
9.118.000
( To adjust prepaid tuition)
Feb. 28 Depreciation expense – Mobile 276.875
Accumulated depreciation – Mobile 276.875
( To record depreciation expense – mobile)
Feb. 28 Depreciation expense – Laptop 180.555
Accumulated depreciation - Laptop 180.555
( To record depreciation expense – Laptop)

Step 3: Record in Ledger

CASH
Date Description Debit Credit Balance
Feb. 1 Receive from parents 4.000.000 4.000.000
Feb. 1 Pay debt from last month 290.000 3.710.000
Feb. 2 Purchase lunch and lend a friend 70.000 3.640.000
Feb. 2 Purchase bluetooth headphone 271.200 3.368.800
Feb. 3 Purchase supplies 36.000 3.332.800
Feb. 3 Purchase food 136.100 3.196.700
Feb. 4 Purchase food 116.210 3.080490
Feb. 5 Purchase buble milk tea 35.000 3.045.490
Feb. 5 Purchase fruit and vegetable 49.000 2.996.490
Feb. 7 Receive repayment 35.000 3.031.490
Feb. 7 Purchase lunch 35.000 2.996.490
Feb. 10 Purchase contact lenses 373.000 2.623.490
Feb. 15 Purchase supplies less delivery discount 56.100 2.567.390
Feb. 17 Pay for bus ticket 9.000 2.558.390
Feb. 17 Pay for travel expense 155.000 2.403.390
Feb. 20 Pay for phone recharge expense 10.000 2.393.390
Feb. 21 Father’s contributions 500.000 2.893.390
Feb. 24 Borrow from Thao 20.000 2.913.390
Feb. 25 Pay for coal expense 80.000 2.833.390
Feb. 25 Pay for accommodation service expense 580.000 2.253.390
Feb. 25 Pay for food expense and lend Lan Anh 273.060 1.980.330
Feb. 25 Received money from Lan Anh' s debt 121.000 2.101.330
Feb. 27 Pay debt 60.000 2.041.330
Feb. 28 Pay for eyelash extensions expense 150.000 1.891.330
Feb. 28 Withdraw cash 300.000 1.591.330
1.591.330
 ACCOUNT RECEIVABLE
Date Description Debit Credit Balance
Feb. 2 Lend Lan Anh 35.000 35.000
Feb. 7 Lan Anh pay debt 35.000 -
Feb.25 Lend Lan Anh 121.000 121.000
Feb.25 Lan Anh pay debt 121.000 -
-

SUPPLIES
Date Description Debit Credit Balance
Feb. 3 Purchase supplies 36.000 36.000
Feb. 10 Purchase contact lenses 373.000 409.000
Feb. 15 Purchase supplies 45.000 454.000
454.000

PREPAID RENTAL
Date Description Debit Credit Balance
Feb. 28 Prepaid rental 3.500.000 3.500.000
3.500.000

PREPAID TUITION
Date Description Debit Credit Balance
Feb. 28 Prepaid tuition 9.118.000 9.118.000
9.118.000
EQUIPMENT
Date Description Debit Credit Balance
Feb. 2 Purchase bluetooth headphone 271.200 271.200
271.200

ACCUMULATED DEPRECIATION
Date Description Debit Credit Balance
Feb. 28 Accumulated depreciation – Mobile 276.875 276.875
Feb. 28 Accumulated depreciation – Laptop 180.555 457.430
457.430

ACCOUNT PAYABLE
Date Description Debit Credit Balance
Feb. 1 Pay debt from last month 290.000 (290.000)
Feb. 22 Borrow from Thao 40.000 (250.000)
Feb. 24 Get a loan from Thao 20.000 (230.000)
Feb. 27 Pay debt 60.000 (290.000)
(290.000)

THIEN ANH, CAPITAL

Date Description Debit Credit Balance
Feb. 21 Father’s contributions 500.000 500,000
500.000

THIEN ANH, WITHDRAWALS

 Date Description Debit Credit Balance
Feb. 28 Withdrew money 300.000 300.000
300.000

REVENUES
Date Description Debit Credit Balance
Feb. 1 Receive from parents 4.000.000 4.000.000
Feb. 15 Delivery discount 11.100 4.011.100
4.011.100

EXPENSES
Date Description Debit Credit Balance
Feb. 2 Purchase lunch 35.000 35.000
Feb. 3 Purchase food 136.100 171.100
Feb. 4 Purchase food 116.210 287.310
Feb. 5 Purchase buble milk tea 35.000 322.310
Feb. 5 Purchase fruit and vegetable 49.000 371.310
Feb. 7 Purchase lunch 35.000 406.310
Feb. 15 Delivery expense 22.200 428.510
Feb. 17 Pay for bus ticket 9.000 437.510
Feb. 17 Pay for travel expense 155.000 592.510
Feb. 20 Pay for phone recharge expense 10.000 602.510
Feb. 22 Fast food expense 40.000 642.510
Feb. 25 Pay for coal expense 80.000 722.510
Feb. 25 Pay for accommodation service expense 580.000 1.302.510
Feb. 25 Pay for food expense 152.060 1.454.570
Feb. 28 Pay for eyelash extensions expense 150.000 1.604.570
1.604.570

RENTAL EXPENSE
Date Description Debit Credit Balance
Feb. 28 Record prepaid rental 3.500.000 3.500.000
3.500.000

TUITION EXPENSE
Date Description Debit Credit Balance
Feb. 28 Record prepaid tuition 9.118.000 9.118.000
9.118.000

DEPRECIATION EXPENSE
Date Description Debit Credit Balance
Feb. 28 Depreciation expense – Mobile 276.875 276.875
Feb. 28 Depreciation expense – Laptop 180.555 457.430
457.430

PART 2: PREPARE THE TRIAL BALANCE, THE ADJUSTED TRIAL BALANCE, THE INCOME STATEMENT
AND THE STATEMENT OF CASH FLOWS.
 1. The trial balance

Unadjusted trial balance Adjustment Trial Balance Adjusted Trial

Debit Credit Debit Credit Debit Credit
Cash VND1.591.330 VND 1.591.330
Account receivable - -
Supplies 454.000 454.000
Prepaid rental - VND 3.500.000 (3.500.000)
Prepaid tuition - 9.118.000 (9.118.000)
Equipment 271.200 271.200
Accum. depr.- Equip. - 457.430 VND 457.430
Account payable VND (290.000) (290.000)
Thien Anh, Capital 500.000 500.000
Thien
300.000 300.000
Anh,Withdrawals
Revenue 4.011.100 4.011.100
Expense 1.604.570 1.604.570
Depr. Expense - VND 457.430 457.430
Rental expense - 3.500.000 3.500.000
Tuition expense - 9.118.000 9.118.000
Totals 4.221.100 4.221.100 13.075.430 13.075.430 4.678.530 4.678.530

2. The income statement

Thien Anh
Income Statement
For month ended February 28 th, 2023
Revenues:
Parent contributions revenue: VND 4.000.000
Discount received: 11.100

Total revenue: VND 4.011.100

Expenses:
Foods and supplies expense: VND 1.604.570
Depreciation expense: 457.430
Rental expense: 3.500.000
Tuition expense: 9.118.000
Total expense: VND 14.680.000

Net loss: VND 10.668.900

3. The statement of cash flows

Thien Anh
The Statement of Cash Flows
For month ended February 28 th, 2023

Cash flows from operating activities:

Cash received from parents VND 4.000.000
Cash received from discount 11.100
Cash paid for supplies (454.000)
Cash paid for other expenses (1.604.570)

Net cash provided by operating activities VND 1.952.530

Cash flows from investing activities
Purchase of equipment (271.200)

Net cash provided by investing activities (271.200)

 Cash flows from financing activities
Investment of father 500.000
Withdrawal by Thien Anh (300.000)
Cash paid for borrowings (290.000)

Net cash provided by financing activities (90.000)

Net increase in cash VND 1.591.330

Cash balance, February 1, 2023 -
Cash balance, February 28, 2023 VND 1.591.330

PART 3: SHELF COMMENT ABOUT YOUR BUDGET PLAN AND HOW TO IMPROVE NEXT MONTH.

After recording my spending for the month and making detailed reports, I noticed some good and bad things in
February. Since then, I have come up with solutions to improve over the next month.
Through the above statistics of spending plans and budgets, I find that I still have relatively reasonable
expenses, for example, buy food, drink or things that help yourself. But besides that, I realized that I still haven't spent
money on personal development activities. Moreover, I spent too much money on junk food which is not good for
health. In addition, there is also no effective detailed spending plan to save costs. Therefore, next month, I will make a
more reasonable spending plan and also extract a part of it to save. Furthermore, limiting the purchase of fast food or
junk food will not only ensure your health but also save a lot of money. I also think that I need to invest in some more
useful activities to help develop myself such as buying more books, taking courses, etc. In February, I also found
myself not going out often to experience or have fun. So, next month, I will spend reasonably on fun activities to
relieve stress and have more interesting experiences. Setting goals for spending in the month and balance at the end of
the month is also a necessity to control spending activities to minimize unnecessary or excessive spending. Not only
does it help me check if I'm spending properly, but it also helps me adjust my spending plan accordingly in the
following months.
In short, I've spent a lot of money on some unhealthy things and haven't invested much in myself either. Next
month, I will make a spending plan, set specific goals and divide the money to use for more reasonable and useful
purposes.