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<b>PRINCIPLE OF ACCOUNTINGGROUP ASSIGNMENTINSTRUCTOR: NGUYỄN HOÀNG YẾN NHƯ</b>

Semester: SPRING 2024Class: ACC101_IB1802

Group 4Name and ID:Nguyễn Huỳnh Mai Phương

Lý Mỹ PhươngNguyễn Tiến LộcĐàm Ngọc Nguyên ThảoTrần Thuỵ Thanh ThuýNguyễn Thị Trúc Ly

SS180072SS181161SS180881SS180951SS180926SS181198

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Table of Contents

A.Business introduction and a summary of the accounting cycle:...3

B.Description of business transactions for the first year of operation:...3

1.Transactions description:...3

2.Transaction analysis:...5

C.General Journal and Ledger:...10

D.Unadjusted trial balance, Adjustments, Adjusted trial balance:...15

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A. Business introduction and a summary of the accounting cycle: - The name: VoyageMaster Agency

- Business line: VoyageMaster Agency is a leading provider of maritime services, offeringtailored solutions to clients in the maritime industry. With a team of seasoned professionalsand decades of experience, VoyageMaster specializes in vessel management, crewing,technical support, and regulatory compliance. Whether for small coastal operators ormultinational shipping corporations, VoyageMaster is dedicated to delivering personalizedservices that optimize vessel operations and enhance profitability. Committed to reliability,integrity, and innovation, VoyageMaster Agency is your trusted partner in navigating thechallenges and opportunities of the maritime industry.

B. Description of business transactions for the first year of operation:

9-Jan Provided consulting services and received cash payment $8,60010-Jan The company sold 70 products at $150/product, cost is $7,00011-Jan Purchased fixed assets (computer equipment) on credit $9,00013-Jan Withdrew capital for personal use $2,000

13-Jan Paid for insurance services in cash $750

3-Feb Sold goods to a customer and received cash payment $15,0003-Feb Paid for repair services with a credit card $1,200

13-Feb Purchased additional inventory for cash $3,000

16-Feb Received payment on an outstanding receivable for consulting services

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5-Apr Provided consulting services and received payment on account $3,50021-Apr Purchased inventory for cash from a new supplier $7,000

3-May Sold goods to a customer on credit $4,5009-May Paid for rent with a check $5,000

28-May ^{Received payment from a customer on an outstanding receivable for}goods sold $3,500

1-Jun Purchased a company vehicle for cash $5,000

27-Jun Paid for website design services with a credit card $2,000

6-Jul ^{Sold goods to a customer and accepted payment via electronic transfer}$15,000

25-Jul Purchased office furniture on credit $3,500

2-Aug Provided training services and received cash payment $2,50016-Aug Paid for marketing services in cash $1,800

5-Sep ^{Received payment from a customer on an outstanding receivable for}services provided $3,200

15-Sep ^{Purchased additional inventory on credit from a different supplier}$12,000

12-Oct Paid for electricity with a check $1,000

29-Oct Sold goods to a customer and accepted payment via PayPal $9,00013-Nov Paid for IT support services with a credit card $1,500

26-Nov ^{Received payment on an outstanding receivable for goods sold to a}customer on credit $2,500

31-Dec _{The company purchased $3,000 of merchandise inventory for cash at}

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Office supplies 500Cash 500Paid for a business license is $1,500

Business license expense 1.500Cash 1.500The company pays its employees a salary of $3,000

Salary expense 3.000Cash 3.000Purchased inventory on credit from a supplier $10,000

Inventory 10.000Account payable 10.000Paid for advertising services in cash $1,000

Advertising expense 1.000Cash 1.000Provided consulting services and received cash payment $8,600

Consulting services rendered 8.600The company sold 70 products at $150/product; cost is $7,000

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Account receivable 10.500Revenue 10.500

Inventory 7.000Purchased fixed assets (computer equipment) on credit $3,000

Computer equipment 3.000Account payable 3.000Withdrew capital for personal use $2,000

Owner’s withdraw 2.000Cash 2.000Paid for insurance services in cash $750

Prepaid insurance 750Cash 750Sold goods to a customer and received cash payment $15,000

Sales revenue 15.000Paid for repair services with a credit card $1,200

Repairs and Maintenance Expense 1.200Cash 1.200Purchased additional inventory for cash $3,000

Inventory 3.000Cash 3.000Received payment on an outstanding receivable for consulting services $4,500

Account receivable 4.500Took out a bank loan to purchase new equipment $8,000

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Cash 8.000Bank Loan payable 8.000Paid for leasing services in cash $1,500

Rent expense 1.500Cash 1.500The company sold 60 products at $150/product

Account receivable 9.000Revenue 9.000

Inventory 6.000Acquired a building for the business $10,000

Building 10.000Cash 10.000Paid for legal services with a credit card $2,500

Legal Services Expense 2.500Cash 2.500Sold goods on credit to a customer $8,000

Account receivable 8.000Consulting revenue 8.000Purchased office supplies on credit $1,000

Office supplies 1.000Account payables 1.000Paid for accounting services in cash $2,000

Accounting Services expense 2.000Cash 2.000Provided consulting services and received payment on account $3,500

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Account receivables 3.500Consulting revenue 3.500Purchased inventory for cash from a new supplier $7,000

Inventory 7.000Cash 7.000Sold goods to a customer on credit $4,500

Account receivables 4.500Sales revenue 4.500Paid for rent with a check $5,000

Rent expense 5.000Cash 5.000Received payment from a customer on an outstanding receivable for goods sold $3,500

Account receivables 3.500Provide services and a 30% discount for customers. After recording accounts receivable of

Sale discount 585

Account receivable 1.950Purchased a company vehicle for cash $5,000

Vehicle 5.000Cash 5.000Paid for website design services with a credit card $2,000

Website design expense 2.000Cash 2.000Sold goods to a customer and accepted payment via electronic transfer $15,000

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Sale revenue 15.000Purchased office furniture on credit $3,500

Office Furniture 3.500Account payable 3.500Provided training services and received cash payment $2,500

Training Services Revenue 2.500Paid for marketing services in cash $1,800

Marketing expense 1.800Cash 1.800Received payment from a customer on an outstanding receivable for services provided

Account receivables 3.200Purchased additional inventory on credit from a different supplier $12,000

Inventory 12.000Account payables 12.000Provide services and a 15% discount for customers. After recording accounts receivable of

Sale discount 540

Account receivable 3.600Paid for electricity with a check $1,000

Utilities expense 1.000Cash 1.000Sold goods to a customer and accepted payment via PayPal $9,000

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Sales revenue 9.000Paid for IT support services with a credit card $1,500

IT Support expense 1.500Cash 1.500Received payment on an outstanding receivable for goods sold to a customer on credit

Account receivables 2.500The company purchased $3,000 of merchandise inventory for cash at $150/unit

Inventory 3.000Cash 3.000Provide services and a 25% discount for customers. After recording accounts receivable of

Sale discount 2.250Account receivable 9.000The merchandise was defective but the customer agreed to keep it because company offers

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8-Jan Advertising service 1,000 94,0009-Jan Consulting service 8,600 102,60013-Jan Withdrawals 2,000 100,60013-Jan Insurance service 750 99,8503-Feb Sold goods 15,000 114,8503-Feb Repair service 1,200 113,65013-Feb Purchases inventory 3,000 110,65016-Feb Receive payment 4,500 115,15020-Feb ^{Took out pay loan and buy}

equipment ^8,000 ^123,15022-Feb Paid rent 1,500 121,65026-Feb Acquired building 10,000 111,65028-Feb Legal service 2,500 109,15030-Mar Paid for accounting service 2,000 107,15021-Apr Purchases inventory 7,000 100,1509-May Paid rent 5,000 95,15028-May Receive payment 3,500 98,6501-Jun Purchases vehicle 5,000 93,65027-Jun Website design 2,000 91,6506-Jul Sold goods 15,000 106,6502-Aug Training service 2,500 109,15016-Aug Marketing service 1,800 107,3505-Sep Receive payment 3,200 110,55012-Oct Paid for electricity 1,000 109,55029-Oct Sold goods 9,000 118,55013-Nov IT support 1,500 117,05026-Nov Receive payment 2,500 119,55031-Dec Purchases inventory 3,000 116,550

<b>ACCOUNT RECEIVABLE</b>

Date Explanation PR Debit Credit Balance10-Jan Sold 70 products 10,500 10,500

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16-Feb Receive payment 4,500 6,00025-Feb Sold 60 products 9,000 15,0005-Mar Sold goods on credit 8,000 23,0005-Apr Provided service 3,500 26,5003-May Sold goods 4,500 31,00028-May Receive payment 3,500 27,5005-Sep Receive payment 3,200 24,30026-Oct Receive payment 2,500 21,800

Date Explanation PR Debit Credit Balance10-Jan Sold 70 products 7,000 7,00025-Feb Sold 60 products 6,000 13,000

<b>MERCHANDISE INVENTORY</b>

Date Explanation PR Debit Credit Balance7-Jan Purchases 100 products 10,000 10,00010-Jan Sold 70 products 7,000 3,00013-Feb Purchases inventory 3,000 6,00025-Feb Sold 60 products 6,000 -21-Apr Purchases inventory 7,000 7,00015-Sep Purchases inventory 12,000 19,00031-Dec Purchases inventory 3,000 22,000

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BANK LOAN PAYABLE

Date Explanation PR Debit Credit Balance20-Feb ^{Took out pay loan and buy}

equipment ^8,000 ^8,000ACCOUNT CAPITAL

Date Explanation PR Debit Credit Balance

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1-Jan Investment 100,000 100,000ONWER'S WITHDRAWL

Date Explanation PR Debit Credit Balance13-Jan Withdrawals 2,000 2,000

Date Explanation PR Debit Credit Balance9-Jan Consulting service 8,600 8,60010-Jan Sold 70 products 10,500 19,1003-Feb Sold goods 15,000 34,10025-Feb Sold 60 products 9,000 43,1005-Mar Sold goods on credit 8,000 51,1005-Apr Provided service 3,500 54,6003-May Sold goods 4,500 59,1006-Jul Sold goods 15,000 74,1002-Aug Training service 2,500 76,60029-Oct Sold goods 9,000 85,600

Date Explanation PR Debit Credit Balance3-Jan Paid for business license 1,500 1,5008-Jan Advertising service 1,000 2,5003-Feb Repair service 1,200 3,70022-Feb Paid rent 5,000 8,70028-Feb Legal service 2,500 11,20030-Mar Paid for accounting service 2,000 13,20027-Jun Website design 2,000 15,20016-Aug Marketing service 1,800 17,00012-Oct Paid for electricity 1,000 18,00013-Oct Paid rent 1,500 19,50013-Nov IT support 1,500 21,000

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31-Dec Purchases inventory 3,000 24,000

<b>D. Unadjusted trial balance, Adjustments, Adjusted trial balance:</b>

Unadjusted Trial BalanceFor the year ended 2023

Account title Dr Cr Dr Cr Dr CrCash

Account receivableInventoryCOGSPrepaid InsuranceOffice SuppliesOffice FurnitureEquipmentUnearned revenuePrepaid rentDepreciation expenseAccumulated depreciationBuilding

VehiclesAccount PayableBank Loan payableOwner capitalOwner withdrawalSales revenueAdvertising expense

Repairs and Maintenance116,5502180022,00013,0007501,5003,5009,000

35,5008,000100,00089,600

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ExpenseRent expenseLegal expenseAccounting expenseWebsite design expenseMarketing expenseUtilities expenseBusiness license expenseSalary expenseIT support expense

Rent expense 18,000Prepaid rent 18,0003 The company purchased a vehicle for $5,000 and an estimated lifespan of 5 years.Depreciation recorded annually using the straight-line method will be $1,000

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($5,000/5 years)

Depreciation expense 1,000Accumulated depreciation 1,000

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E. Financial statement:

<b>1. Income Statement:</b>

<b>VoyageMaster AgencyIncome statementFor the year end 2023</b>

$1,000$1,200 $24,500

$2,500$2,000$2,000 $1,800$1,000$1,500$3,000$1,000$1,500

<b>Total expensesNet income</b>

<b>2. Statement of owner’s equity:</b>

<b>VoyageMaster AgencyOwner’s equity statement</b>

<b>For the year ended 2023</b>

VoyageMaster Agency’s capital

Add: Net income $46,600

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Investment by owner $100,000Total $146,600

Less: Withdrawal by owner $2,000Owner’s capital, <b>$144,600</b>

Accumulated Depreciation

$116,550$21,800$22,000$750$1,500$3,500-$18,000$9,000$10,000$5,000-$1,000Total Assets <b>$171,100</b>

Liabilities and Owner's Equity

Accounts payableBank Loan payablesUnearned revenue

$35,500$8,000-$4,000Total liabilities <b>$39,500</b>

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Prepaid Insurance 750Office Supplies 1,500Office Furniture 3,500Equipment 9,000Unearned revenue 4,000

Prepaid rent 18,000Depreciation expense 1,000

Accumulated depreciation 1,000Building 10,000

Account Payable 35,500Bank Loan Payable 8,000Owner capital 100,000Owner withdrawal 2,000

Sales revenue 89,600Advertising expense 1,000

Repairs and Maintenance Expense 1,200Rent expense 24,500Legal expense 2,500Accounting expense 2,000Website design expense 2,000Marketing expense 1,800Utilities expense 1,000Business license expense 1,500

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Salary expense 3,000IT support expense 1,500

Total <b>252,100252,100</b>

<b>VoyageMaster AgencyPosting - Trial BalanceFor the End Year 2023</b>

Account receivableInventoryPrepaid InsuranceOffice SuppliesOffice FurnitureEquipmentVehiclesUnearned revenuePrepaid rentBuildingAccount PayableBank Loan payableAccumulated depreciationCapital

<b>CLOSE REVENUE ACCOUNTS TO INCOME SUMMARY</b>

Date Accounts Titles Debit CreditDec 31 Revenue 89.600

Income Summary 89.600

<b>CLOSE EXPENSE ACCOUNTS TO INCOME SUMMARY</b>

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Dec 31 Income summary 56,000

Expense 56,000

<b>CLOSE INCOME SUMMARY TO OWNER’S CAPITAL</b>

Dec 31 Income summary 33,600

Net income 33,600

<b>CLOSE WITHDRAWALS TO OWNER’S CAPITAL</b>

Dec 31 Owner, capital 2,000

Net profit margin = ( Net income / Net Sales ) *100% = ( 46,600 / 89,600) * 100% = 52,01%ROA = ( Net income / Total asset ) * 100% = ( 46,600 / 171,100 ) * 100% = 27,24%ROE = ( Net income / Total equity ) * 100% = ( 46,600 / 144,600 ) * 100% = 32,23%

<b>2. Conclusion :</b>

Through the above indicators, it can be seen that the company is having a fairly stable andeffective business operation in the first year. When the company's total debt and debt to equityare quite low, both are less than 1. The Net Profit Margin index is also quite high at 52,01%.

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Furthermore, the performance indicators ROA and ROE are also relatively stable, reaching27,24% and 32,23%, respectively.

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