FDNACCT: Individual Project - Journal entries, ledger postings, and Trial Balance (service business)

Academic Year 2023-2024, Term 1

Individual output
10% of final grade

DEADLINE: October 13, Friday, 11:59PM, AnimoSpace

The transactions that follow took place at the FDN Day Care Center during August 2023. The business is a play
and learning center for toddlers.

The Chart of Accounts and financial transactions for the first month of operations are presented below and on
the next page:

FDN Day Care Center

Chart of Accounts

Account # Account Title

Assets
101 Cash
111 Accounts Receivable
121 Books & Toys
122 Office Supplies
131 Equipment
132 Furniture

Liabilities
201 Accounts Payable

Owner’s Equity
301 Faith D. Nakpil, Capital
302 Faith D. Nakpil, Drawing

Revenues
401 Day Care Fees

Expenses
501 Rent Expense
502 Repair Expense
503 Salaries Expense
504 Utilities Expense

FDNACCT Individual Project - AY 2023-24, Term 1 Page 1

Date Transactions
2023 Faith D. Nakpil, owner of FDN Day Care Center, invested in her business the following:
Aug 1 Cash, ₱300,000 and an old computer originally costing ₱70,000 but with a fair market value of
₱40,000 at the time of investment.
2 Purchased tables, chairs, and shelves from Aim High Furniture for ₱200,000, on terms: 20% down
payment, issuing Check #0001, and the balance payable in 20 days. Received Invoice #1237 from
Aim High Furniture.
3 Purchased nursery books and toys from A1 Merchandising for ₱25,000, payable in 15 days.
Received Invoice #562 from A1 Merchandising.
4 Purchased various office supplies from Animo Trading for ₱5,000, issuing Check #0002.
Received Invoice #28 from Animo Trading.
6 Received ₱50,000 in cash from Mrs. Uy as day care fees for the month. Issued Invoice #001 and
Official Receipt #001.
8 Returned broken toys worth ₱2,000 to A1 Merchandising. Received Credit Memo #11 from
A1 Merchandising.
10 Paid ₱50,000 to Aim High Furniture, issuing Check #0003.
11 Paid for repair and repainting of the shelves, ₱8,000, issued Check #0004.
13 Issued Invoice #002 to Mr. Cruz for ₱50,000 as day care fees, payable by client on terms: 30% down
payment, balance payable in 10 days. Issued Official Receipt #002 for the down payment received
from Mr. Cruz.
15 Paid employees’ salaries, ₱18,000, issued Check #0005.
16 Issued Invoice #003 to Mrs. Lim, ₱100,000, payable by client in 30 days.
18 Paid the account due to A1 Merchandising, issued Check #0006.
19 Faith D. Nakpil withdrew ₱10,000 for personal use, issued Check #0007.
20 Faith D. Nakpil paid the balance of the account with Aim High Furniture using her personal funds.
23 Collected ₱35,000 from Mr. Cruz; issued Official Receipt #003.
25 Faith D. Nakpil withdrew ₱1,000 worth of office supplies for personal use.
27 Purchased new laptops from Alpha Computers for ₱120,000, on terms: 40% down payment, issuing
Check #0008, and the balance payable in 45 days. Received Invoice #753 from Alpha Computers.
29 Paid the rent for the month, ₱30,000, issued Check #0009.
30 Paid employees’ salaries, ₱18,000, issued Check #0010.
31 Paid the light, water, and internet bills for the month, ₱27,000, issued Check #0011.

REMINDER:
• File name: FDNACCT<space>Section_Individual Project_Surname, First Name
Example: FDNACCT C31_ Individual Project_Cruz, Juan

FDNACCT Individual Project - AY 2023-24, Term 1 Page 2

INSTRUCTIONS:
1. - Before you start journalizing, enter the appropriate columnar Use MS Excel.
headings: Date, Description, P/R, Debit, Credit. Use Sheet1 for this.
- Journalize the transactions, including the appropriate description Rename the tab as GJ.
and source documents for each transaction. Use compound entry
for entries with multiple debit and credit accounts.
- In the posting reference (P/R) column, encode the account
numbers.
- Leave a space after every journal entry.
Number the first journal page as 1.
Excel rows 1-35 is page 1,
Excel rows 36-70 is page 2,
Excel rows 71-105 is page 3.
2. - Before you start posting, open the accounts by entering the Use a running-balance form
account names and account numbers in the headings. general ledger.
- Follow the order of the accounts in the Chart of Accounts. Use MS Excel.
- Enter the appropriate columnar headings: Use Sheet2 for this.
Date, Description, P/R or F, Debit, Credit, Balance. Rename the tab as GL.
- Post the accounts to the ledger.
- In the description column, encode the description / narrative /
partner accounts.
- In the posting reference (P/R) or folio (F) column, encode the
journal page number for the cross referencing.
- Leave a space after every account.
3. - Prepare the Trial Balance for the month ended Use MS Excel.
August 31, 2023. Use Sheet3 for this.
Rename the tab as TB.

RUBRIC FOR ASSESSMENT:

Individual project (Journal entries, ledger postings, and Trial Balance)
CRITERIA EXEMPLARY SATISFACTORY DEVELOPING BEGINNING RATING
(89-100) (80-88) (70-79) (Below 70)
Content - The student The student answered The student answered The student
Correctness answered the project majority of the project some of the project failed to answer
and correctly and correctly and correctly and the project
completeness completely. completely. completely. correctly and
(80%) completely.
Neatness and The student The student The student The student
orderliness accomplished the accomplished majority accomplished some of accomplished
(10%) requirements in of the requirements in the requirements in minimal portion
good form*. good form. good form. of the
requirements in
good form.
Timeliness The student The student submitted The student submitted The student
(10%) submitted output on output a day after the output three (3) days submitted output
or before the deadline. after the deadline. a week or more
deadline. after deadline.
TOTAL
*In good form: i.e., preserves neatness of work, places heading properly, uses money columns correctly, follows ruling procedures

FDNACCT Individual Project - AY 2023-24, Term 1 Page 3