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Salaries Expense Office

Amount paid to employees as compensation for the service they rendered in connection to general and
administrative activities.
Debited for
-salaries paid to employees for the period
Credited for
-closing to Income and Expense summary account
Salaries Expense Spa
Amount paid to employees as compensation for the service they rendered
Debited for
-salaries paid to employees for the period
Credited for
-closing to Income and Expense summary account
Spa Supplies Expense
This account represents the portion of the supplies used in the spa
Office Supplies Expense
This account represents the portion of office supplies used
Other Supplies Expense
This account represents the portion of other supplies used not related to spa and on the office
Depreciation Expense Store Equipment
This is the amount transferred to expenses from the date of acquisition of the store equipments
Depreciation Expense Spa Equipment
This is the amount transferred to expenses from the date of acquisition of the equipment used in the
spa operation of the business.
Depreciation Expense Office Equipments
This is the amount transferred to expenses from the date of acquisition of the office equipments
Depreciation Expense Furniture and Fixtures
This is the amount transferred to expenses from the date of acquisition of the furniture and fixtures
Depreciation Expense Leasehold Improvements
This is the amount transferred to expenses from the date of acquisition or installation of the leasehold
Utilities Expenses
This amount represents expenses incurred on light, water and telephone used during operations.
Rent Expense
This amount represents the fees paid to lessor by the lessee.
PAG-IBIG Contribution Expense
This amount paid to PHILHEALTH as contribution for employees.
SSS Contribution Expense
The amount paid to Social Security System as contribution for employees.
Employee Compensation Expense
The amount paid by the owners to employees.
Advertising Expense
The amount paid to all promotional activities subscribed by the business in endorsing the new business
to people.
Organizational Cost
The cost incurred in forming and organizing the business.
Taxes and Licenses
Business taxes, licenses and other fees due to the government.
Miscellaneous Expense
The amount paid for any expense that cannot be identified in any of the expense accounts mentioned

Internal Control System
As a business enterprise, simple or complex in operation, it is necessary to organize the supervision of all
transactions and operations of the business. It is important to observe and maintain control on
bookkeeping and accounting records within which includes the control of cash receipts and
disbursements. Since cash is a liquid asset, proper handling and control of transactions involving cash
should be managed properly to minimize unauthorized payments and to eliminate error and the
consequence of fraud.
Employees must be cautiously selected before being hired and trained to maintain tremendous results
in all their duties and responsibilities. Authorized personnel should be trained continuously and properly
oriented regarding safeguarding of assets and maintaining the efficiency and effectiveness of business
To achieve these objectives, each business concern must develop and implement a system adapted to
its needs. The complete plans and procedures designed to meet the needs for controlling operations is
called Internal Control.
Internal control comprises the organizational plan and all coordinates method and measures adapted
within a business to safeguard its asset, checks the accuracy and reliability of its accounting data
promote operational efficiency and encourage adherence to prescribe managerial policies.
Internal control is composed of policies, procedures, techniques, physical devices, documentation and
people. These components interact to assure the achievement of objectives related to:
Safeguarding assets
Assurance against the incurrence of improper liabilities
Assurance of the fairness and reliability of accounting data
Achievement of operational efficiency
Adherence to prescribed managerial policies
Minimizing unauthorized or improper use of managerial resources
Developing procedures and standards that would improve the business operations
To systematize operational activity and promote an effective and efficient control against fraud
and other irrelevant business activities
Petty Cash Fund
The business will have a petty cash fund worth Php 10,000
Imprest Fund System will be used in maintaining the fund
Expenses to be covered by the petty cash fund will only be Php1,000 or less
Replenishment of the fund is made when balance is lower than Php1,000
Replenishment will be done by the cashier
All replenishments must be documented using a replenishment voucher
All expenses to be paid through the fund will be documented in a petty cash fund disbursement
All vouchers are pre-numbered
Change Fund
The business will have a daily change fund balance of Php5,000 in 1, 5, 10, 20, 50 and 100
At the end of the day, the cashier will separate Php5,000 in the same denominations for the
next days change fund
Cash on Hand
When deposits are not made to bank especially after the evening operation, cash will be kept in
a cash vault installed in the office
The cash to be kept must be remitted to the finance officer, and only the finance officer is
allowed to open and close the vault.
Cash vault will be secured through a number combination only known to the finance officer
Cash Disbursements
All disbursements except those from petty cash fund should be made by checks
All checks should be pre-numbered
All checks are signed only after they are prepared
Long outstanding checks should be properly followed and controlled
When checks are presented for signatures, accompanying invoices and other necessary papers
must be submitted
Only the finance officer signs the checks
Invoices and other papers are to be stamped PAID at the time corresponding checks are signed
Purchase orders should all be executed in writing
All purchase orders should be sequentially pre-numbered
Purchase orders must be properly approved for price, quantity and suppliers
The bookkeeper should receive a copy of purchase orders and a copy of receiving report
Invoices should be matched with purchase orders, receiving reports, memos and expense items
Receiving reports should be sequentially numbered and controlled
Invoices must be properly stamped to prevent duplicate payments
Shortages and damaged goods should be reported immediately upon the discovery
There should be a physical count at the end of every quarter
Fixed Assets
Addition to fixed assets must be properly authorized and approved by the managing partner
Additions to fixed assets originated by requisition or appropriation must show the probable
cost, description, accounts to be charged, reason for addition
An inventory of fixed assets is to be compared with control account periodically
A written approval is to be required prior to the sale of fixed asset
There should be a consistent depreciation policy from year to year
There should be physical count of fixed assets at least once a year
Employment must be properly authorized to insure that compensations are given only to bona
fide employees
Pay increases and decreases should be formally authorized to insure that payments are made at
a correct pay rate
Total time for each employee should be approved by the managing partner
Payroll payment should be by checks
Payroll checks should only be released during Saturdays
Payroll checks should be pre-numbered
Employees should acknowledge receipt of checks
Payroll should be reviewed periodically by the partners