<span class="text_page_counter">Trang 1</span><div class="page_container" data-page="1">

<b>Full name : Nguyễn Thị Mỹ NgânStudent ID : CS171405</b>

<b>Class : BA1706</b>

<b>PRINCIPLES OF ACCOUNTINGACC101</b>

<b>INDIVIDUAL ASSIGNMENT</b>

<b>INSTRUCTORMr. Pham Thai Bao</b>

<b>2023</b>

</div><span class="text_page_counter">Trang 2</span><div class="page_container" data-page="2">

4. General ledger ( Post)...7

5. Unadjusted trial balance & Adjusted entries & Adjusted trial balance...8

</div><span class="text_page_counter">Trang 3</span><div class="page_container" data-page="3">

<b>-The current state of the beauty industry: The beauty market is </b>

rapidly evolving and dynamic, with new products and services appearing on the market every day.

+ Also according to the growth statistics of the beauty industry, the number of employees in the service segment is expected to increase by 10% for barbers and hairdressers, and estheticians andnearly 22% for the massage therapy sector in 2024.

+ The global skincare market was worth nearly $135 billion in 2018, a growth of nearly 60% over the past ten years. Skincare accounts for 60% of all profits in the beauty industry.

+ Due to the increasing awareness of the importance of skincare, not only the beauty needs of women but also the increasing number of men buying skin care products, this market segment continues to grow. According to the survey of women's beauty needs, in 2019 skin care sales increased by 5% over the previous year, in which anti-aging and natural beauty products and services were the largest contributors.

+ According to experts, the current state of the beauty industry, the beauty industry in general and the cosmetics industry in particular, is considered to have a strong growth rate. The report of the GlobalWellness Institute shows that the period 2015 - 2017 the global healthcare industry grew 12.8%, from 3.7 trillion USD to 4.2 trillionUSD. 6.4%/year). Spending is about $4.2 trillion, more than half of the total health spending of $7.3 trillion.

- <b>Business lines: Realizing that people's beauty needs are </b>

increasing day by day, especially hairdressing + beauty salons. Andafter realizing the great demand from the locals as well as the people. Therefore, I decided to open a Salon specializing in haircuts + beauty to serve everyone.

</div><span class="text_page_counter">Trang 4</span><div class="page_container" data-page="4">

<b>-The influence of the industry on people in Can Tho:</b>

Recently, when people's living standards change, the awareness of beauty needs increasing, and along with the development of technology, the perception of the cosmetic industry is increasingly changing. Spa services such as skin care, body care, and relaxing massage ... also become a necessity, often for relaxation and energyrecovery after stressful working hours.

Feb 15, Expressions paid $125 to an assistant for hours worked during opening.

Feb 17, Expressions company receives cash from services renderedin the second half of February of $2,500.

Feb 20, The company paid a $400 installment of principal on a promissory note signed on February 4.

Feb 22, I withdrew $900 cash for personal use.Feb 25, The company pays the February rent of $800Feb 27, The company pays a utility bill of $500 in FebruaryFeb 28, The company pays insurance premiums for employees for March and April of $1,000.

<b>2. Transaction analysis: </b>

4

</div><span class="text_page_counter">Trang 5</span><div class="page_container" data-page="5">

h + ^Accountreceivable

nt + ^Supplies + ^PrepaidInsurance

payable ^Owner’s +capital

al ^Revenue - ^Expense5,00

100 -100

2,500

</div><span class="text_page_counter">Trang 7</span><div class="page_container" data-page="7">

Feb.27 Utilities expense 500

<b>Note payable</b>

<b>Owner’s, Capital</b>

Feb 1

Feb 2

Feb 3

Feb 5

Feb 7

1,500 <b>DateDebitCredit</b> Feb 25 800Feb

13

</div><span class="text_page_counter">Trang 8</span><div class="page_container" data-page="8">

Feb 15

Feb 17

2,500Feb 20

Feb 22

Feb 25

Feb 27

Feb 28

<b>Prepaid Insurance</b>

</div><span class="text_page_counter">Trang 9</span><div class="page_container" data-page="9">

Notes payableSuppliesEquipmentPrepaid insuranceRevenueOwner capitalOwner withdrawal Marketing expenseSalaries expenseWages expense Rent expenseUtilities expenseDepreciation Expense - equipment

Accumulated Depreciation -equipment Prepaid rent

<b>Total </b>

<b>6. Adjustments : </b>

1. Depreciation of used equipment up to $400

Dr Depreciation Expense - equipment 400

Cr Accumulated Depreciation - equipment 400

2. The company pays the rent for April for $800

Dr Prepaid rent 800

</div><span class="text_page_counter">Trang 10</span><div class="page_container" data-page="10">

Cr Cash

800<b>7. Trial balance : Hair SalonTrial Balance February 28</b> $ Dr

$ CrCash 3,405Equipment 14,100Supplies 70

18,000Owner’s withdrawal 900

Accumulated Depreciation - equipment

400 Prepaid rent 800

Prepaid insurance 1,000

<b>Total </b> $ <b>24,600 $ 24,600</b>

10

</div><span class="text_page_counter">Trang 11</span><div class="page_container" data-page="11">

<b>8. Income statement</b>

<b>Hair SalonIncome statementFor the month end February 28Revenue:</b>

Revenue for the sale $5,500

<b> Total revenues </b>

<b>Expenses: </b>

Marketing expense 100

Utilities expense 500

Wages expense 125

Rent expense 800

Salaries expense 1,500

Depreciation Expense - equipment 400

<b> Total expenses </b>

Net income $2,075

<b>9. Statement of owner’s equity </b>

<b>Hair SalonOwner’s equity statement</b>

</div><span class="text_page_counter">Trang 12</span><div class="page_container" data-page="12">

<b>For the month ended February 28</b>

<b>Owner’s capital, Feb 1</b>

<b>Add: Investment $18,000</b>

Net income 2,075 $20,075

<b>February 28</b>

Cash $3,405

Account receivable 900Supplies 70

Equipment 14,100Prepaid insurance 1,000

Prepaid rent 800

Less : Accumulated Depreciation - equipment (400)

<b>Total assets $19,875 </b>

<b> </b>

<b>Liabilities and owner’s equityLiabilities:</b>

12

</div><span class="text_page_counter">Trang 13</span><div class="page_container" data-page="13">

<b>11.Close account:</b>

CLOSE REVENUE ACCOUNTS TO INCOME SUMMARY

CLOSE WITHDRAWALS TO OWNER’S CAPITAL28 -

Feb

</div><span class="text_page_counter">Trang 14</span><div class="page_container" data-page="14">

Owner’s Withdrawal 900CLOSE INCOME SUMMARY TO OWNER’S CAPITAL28 -

Retained earnings 2,075

Through the statistics of Hair Salon in February, it can be seen that their business activities went smoothly and efficiently. When the indicators show that the business is effective, Hair Salon net income is quite low at $ 2,075 but still shows a good signal. Then with $18,000 of initial equity, along with net income. The company's equity last month increased to $20,075. Although the company's debt is quite small, this shows that the company's business is good and stable. The company should continue to maintain the business strategy to increase business efficiency.

<b>dep-viet-nam-nam-2020/</b>

</div>