PRINCIPLES OF ACCOUNTING

TUTORIAL TEST 03

Group 4 – Class: PA-T124WSB-5 - Course: Principles of Accounting

Table 1 List of group members
Student ID Full name

22003837 Nguyen Hoang Ngoc

23005737 Pham Phuc Phuong Anh

23005176 Huynh Yen Nhi

23005075 Pham Thuy Linh

23005745 Do Nguyen Ky Duyen

23006049 Dang Khanh Huyen

Name: Mark given Mark given Mark given Mark given Mark given Mark given
to to to to to to

Ngoc Anh Nhi Linh Duyen Huyen

Ngoc 100 (self) 100 100 100 100 100

Anh 100 100 (self) 100 100 100 100

Nhi 100 100 100 (self) 100 100 100

Linh 100 100 100 100 (self) 100 100

Duyen 100 100 100 100 100 (self) 100

Huyen 100 100 100 100 100 100 (self)

Average 100% 100% 100% 100% 100% 100%

Signature Ngoc Anh Nhi Linh Duyen Huyen

a)
GENERAL JOURNAL
(Adjusting entries)

Date Account Titles and Explanations Ref. Debit Credit

2023

Jun. 30 Supplies expense 505 2,840

Supplies 103 2,840
(To record supplies used)

30 Electricity expense 530 450

Electricity payable 218 450
(Paid for electricity on account)

30 Insurance expense 515 330

Prepaid Insurance 112 330
(to record insurance payment for
month)

30 Unearned revenue 213 2,000

Service revenue 400 2,000
(to record revenue for service
performed)

30 Salaries expense 500 2,500

Salaries payable 215 2,500
(Salaries are owed)

30 Depreciation expense 520 600

Accumulated depreciation 131 600

(Office equipment is being

depreciated)

30 Accounts receivable 104 4,000

Service revenue 400 4,000

(To record revenue for services

performed)
b)

Supplies 103

Jun. 30 $5,700 Jun. 30 Adj. 2,840

Bal. 2,860

Supplies Expense 505

Jun. 30 Adj. 2,840

Jun. 30 Bal. 2,840

Salaries Expense 500

Beginning Bal. $9,910

Jun. 30 Adj. 2,500

Jun. 30 Bal. $12,410

Salaries Payable 215

Jun. 30 Adj. 2,500

Salaries Expense Jun. 30 Bal. 2,500

Cash 100

Beginning Bal. $24,700

Ending Bal. $24,700

 Accounts receivable 104

Beginning Bal. $10,850

Jun. 30 Adj. 4,000

Ending Bal. $14,850

Insurance Expense 515

Jun. 30 Adj. 330

Jun. 30 Bal. 330

Depreciation Expense 520

June 30 Adj. 600

Ending Bal. Bal. 600

Prepaid Insurance 112

Beginning Bal. $3,960 Jun. 30 Adj. 330

Ending Bal. $3,630

Service revenue 400

Beginning Bal. 35,300

Jun. 30 Adj. 2,000

Jun. 30 Adj. 4,000

 Ending Bal. $41,300

Electricity Payable 218

Jun 30 Adj. $450

Ending Bal. $450

Electricity Expense 530

Jun 30 Adj. $450

Ending Bal. $450

Office Equipment 130

Beginning Bal. $36,000

Ending Bal. $36,000

Unearned Service Revenue 213

Beginning Bal. $2,400

Jun 30 Adj. 2,000

Ending Bal. $400

Share Capital 300

Beginning Bal. $50,000

Ending Bal. $50,000

 Accumulated Depreciation 131

June 30 Adj. $600

Ending Bal. $600

Accounts Payable 200

30 June $6,420

Bal. 6,420

Rent Expense 510

Beginning Bal. $3,000

Ending Bal. $3,000

 Post the journal entries to the General Ledger.

Supplies

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 5,700 5,700

30 2,840 2,860

Supplies Expense

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 2,840 2,840

Salaries Expense

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 9,910 9,910

30 2,500 12,410

Salaries Payable

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 2,500 2,500

 Cash

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 24,700 24,700

Accounts receivable

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 10,850 10,850

30 4,000 14,850

Insurance Expense

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 330 330

Depreciation expense

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 600 600

Prepaid Insurance

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 3,960
 30 330 3,630

Service revenue

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 35,300 35,300

30 2,000 37,300

30 4,000 41,300

Electricity Payable

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 450 450

Electricity Expense

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 450 450

Office Equipment

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 36,000 36,000

 Share Capital

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 50,000 50,000

Unearned Service Revenue

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 2,400 2,400

30 2,000 400

Accumulated Depreciation

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 600 600

Account Payable

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 6,420 6,420

Rent Expense

Date Explanation Ref. Debit Credit Balance

2022

Jun. 30 3,000 3,000

c)

HAN LTD
Adjusted Trial Balance
Jun 30, 2022

Account Title Debit Credit

Cash $ 24,700

Supplies 2,860

Office equipment 36,000

Prepaid Insurance 3,630

Account Receivable 14,850

Accumulated Depreciation - Equipment $ 600

Accounts Payable 6,420

Salaries payable 2,500

Electricity Payable 450

Unearned Service Revenue 400

Share Capital 50,000

Service Revenue 41,300

Supplies Expense 2,840

Insurance Expense 330

Salaries Expense 12,410

Electricity Expense 450

Rent expense 3,000

Depreciation Expense - Equipment 600

$101, 670 $101, 670

d)
HAN LTD

Income Statement

For the Month Ended June 30, 2022

Revenues

Service revenue $41,300

Expenses

Supplies Expense $ 2,840

Depreciation Expense - Equipment 600

Rent expense 3,000

Salaries Expense 12,410

Insurance Expense 330

Electricity Expense 450

Total expenses 19,630

Net income $21, 670

 HAN LTD

Owner’s Equity Statement

For the Month Ended June 30, 2022

Owner’s capital, June 30 $50,000

Add: Net income $21,670

71,670

Less: Drawings $ 0

Owner’s capital, December 31 $71, 670

HAN LTD

Balance Sheet

For the Month Ended June 30, 2022

Assets

Cash $24,700

Accounts Receivable 14,850

Supplies 2,860

Office Equipment 36,000

Less: Accumm. depreciation - Equipment 600

Prepaid Insurance 3,630

Total assets $81, 440

Liabilities and Owner’s Equity

Liabilities

Accounts Payable $6,420

Salaries Payable 2,500

Electricity Payable 450

Unearned Service Revenue 400

Total liabilities 9,770

Owner’s Equity

Owner’s capital 71,670

Total liabilities and owner’s equity $81, 440