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Accounting

1) Edgar Detoya operates a tax consulting business. The general journal and T-accounts provided summarize transactions from December 1-31, 2020 relating to cash, supplies, equipment, revenues, expenses and capital. 2) Adjustments were made to the trial balance including recognizing a receivable, adjusting supplies and depreciation expense, and accruing salaries. 3) The adjusted trial balance and income statement show revenues of ₱78,000, expenses of ₱25,100 and a profit of ₱52,900 for the period. The balance sheet lists assets of ₱243,500 against liabilities and capital of the same amount.

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MARY GRACE VARGAS
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2K views16 pages

Accounting

1) Edgar Detoya operates a tax consulting business. The general journal and T-accounts provided summarize transactions from December 1-31, 2020 relating to cash, supplies, equipment, revenues, expenses and capital. 2) Adjustments were made to the trial balance including recognizing a receivable, adjusting supplies and depreciation expense, and accruing salaries. 3) The adjusted trial balance and income statement show revenues of ₱78,000, expenses of ₱25,100 and a profit of ₱52,900 for the period. The balance sheet lists assets of ₱243,500 against liabilities and capital of the same amount.

Uploaded by

MARY GRACE VARGAS
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
  • General Journal
  • T-Accounts
  • Unadjusted Trial Balance
  • Adjusted Trial Balance
  • Worksheet and Adjustments
  • Income Statements
  • Statement of Changes in Equity
  • Balance Sheet
  • Adjustments Detail
  • General Journal - Closing Entries
  • Post-Closing Trial Balance
  • General Journal - Beginning Entries

Edgar Detoya, Tax Consultant

General Journal
For the Month Ended December 31, 2020

Date Account titles and Explanation P.R Debit Credit


2020
Dec. 1 Cash 110 ₱ 150,000.00
Detoya, Capital 310 ₱ 150,000.00
#
2 Rent Expense 530 8,000.00
Cash 110 8,000.00
#
2 Supplies 140 7,200.00
Accounts Payable 210 7,200.00
#
3 Office Equipment 150 75,000.00
Cash 110 37,000.00
Accounts Payable 210 38,000.00
#
8 Accounts Payable 210 7,200.00
Cash 110 7,200.00
#
14 Salaries Expense 510 6,000.00
Cash 110 6,000.00
#
20 Cash 110 20,000.00
Consulting Revenues 410 20,000.00
#
28 Salaries Expense 510 6,000.00
Cash 110 6,000.00
#
30 Accounts Receivable 120 48,000.00
Consulting Revenues 410 48,000.00
#
31 Detoya, Withdrawals 320 12,000.00
Cash 110 12,000.00
#
₱ 339,400.00 ₱ 339,400.00
T-Account
ASSETS LIABILITIES

Cash Accounts Payable


Dec. 1 ₱ 150,000.00 ₱ 8,000.00 Dec. 2 Dec. 8 ₱ 7,200.00 ₱ 7,200.00 Dec. 2
Dec. 20 20,000.00 37,000.00 Dec. 3 38,000.00 Dec. 3
7,200.00 Dec. 8 ₱ 7,200.00 ₱ 45,200.00
6,000.00 Dec. 14 ₱ 38,000.00
6,000.00 Dec. 28
12,000.00 Dec. 31
₱ 170,000.00 ₱ 76,200.00
₱ 93,800.00

Accounts Receivable Salaries Payable


Dec. 30 ₱ 48,000.00 ₱ 1,800.00 Dec. 31
Jan. 1 ₱ 1,800.00
0 0

Fees Receivable
Dec. 31 ₱ 10,000.00

Supplies
Dec. 2 ₱ 7,200.00
₱ 2,500.00 Dec. 31

Office Equipment
Dec. 3 ₱ 75,000.00

Accumulated Depreciation
₱ 800.00 Dec. 31
EQUITY INCOME

Detoya, Capital Consulting Revenues


₱ 150,000.00 Dec. 1 ₱ 20,000.00 Dec. 20
52,900.00 Dec. 31 48,000.00 Dec. 30
₱ 12,000.00 ₱ 68,000.00
₱ 12,000.00 ₱ 202,900.00 10,000.00 Dec. 31
₱ 190,900.00 ₱ 78,000.00
0 0

Detoya, Withdrawals
Dec. 31 ₱ 12,000.00 ₱ 12,000.00 Dec. 31
0 0

Income Summary
Dec. 31 ₱ 25,100.00 ₱ 78,000.00 Dec. 31
₱ 52,900.00 ₱ 52,900.00
0 0
EXPENSES

Salaries Expense
Dec. 14 ₱ 6,000.00
Dec. 28 6,000.00
₱ 12,000.00
Dec. 31 1,800.00
₱ 13,800.00
0 0
₱ 1,800.00 Jan. 1
s

Supplies Expense
Dec. 31 ₱ 2,500.00
₱ 2,500.00
0 0

Rent Expense
Dec. 2 ₱ 8,000.00
₱ 8,000.00
0 0

Depreciation Expense
Dec. 31 ₱ 800.00
₱ 800.00
0 0
Edgar Detoya, Tax Consultant
Unadjusted Trial Balance
December 31, 2020

Cash ₱ 93,800.00
Accounts Receivable 48,000.00
Fee Receivable -
Supplies 7,200.00
Office Equipment 75,000.00
Accumulated Depreciation -
Accounts Payable ₱ 38,000.00
Salaries Payable -
Detoya, Capital 150,000.00
Detoya, Withdrawals 12,000.00
Consulting Revenues 68,000.00
Salaries Expense 12,000.00
Supplies Expense -
Rent Expense 8,000.00
Depreciation Expense -
₱ 256,000.00 ₱ 256,000.00
Edgar Detoya, Tax Con
Workshhet
For the Month Ended Decem

Trial Balance Adjustments


No. Debit Credit Debit
110 Cash ₱ 93,800.00
120 Accounts Receivable 48,000.00
130 Fee Receivable - d. ₱ 10,000.00
140 Supplies 7,200.00 a.
150 Office Equipment 75,000.00
155 Accumulated Depreciation - c.
210 Accounts Payable ₱ 38,000.00
220 Salaries Payable - b.
310 Detoya, Capital 150,000.00
320 Detoya, Withdrawals 12,000.00
410 Consulting Revenues 68,000.00 d.
510 Salaries Expense 12,000.00 b. 1,800.00
520 Supplies Expense - a. 2,500.00
530 Rent Expense 8,000.00
540 Depreciation Expense - c. 800.00
₱ 256,000.00 ₱ 256,000.00 ₱ 15,100.00
Profit
Edgar Detoya, Tax Consultant
Workshhet
or the Month Ended December 31, 2020

Adjustments Adjusted Trial Balance Income Statements Balance Sheets


Credit Debit Credit Debit Credit Debit
₱ 93,800.00 ₱ 93,800.00
48,000.00 48,000.00
10,000.00 10,000.00
₱ 2,500.00 4,700.00 4,700.00
75,000.00 75,000.00
800.00 ₱ 800.00
38,000.00
1,800.00 1,800.00
150,000.00
12,000.00 12,000.00
10,000.00 78,000.00 ₱ 78,000.00
13,800.00 ₱ 13,800.00
2,500.00 2,500.00
8,000.00 8,000.00
800.00 800.00
₱ 15,100.00 ₱ 268,600.00 ₱ 268,600.00 ₱ 25,100.00 ₱ 78,000.00 ₱ 243,500.00
52,900.00
₱ 78,000.00 ₱ 78,000.00 ₱ 243,500.00
Balance Sheets
Credit

₱ 800.00
38,000.00
1,800.00
150,000.00

₱ 190,600.00
52,900.00
₱ 243,500.00
Edgar Detoya, Tax Consultant
Income Statements
For the Month Ended December 31, 2020

Revenues
Consulting Revenues ₱ 78,000.00
Total ₱ 78,000.00

Expense
Salaries Expense ₱ 13,800.00
Supplies Expense 2,500.00
Rent Expense 8,000.00
Depreciation Expense 800.00
Total ₱ 25,100.00

Profit ₱ 52,900.00
Edgar Detoya, Tax Consultant
Statement of Changes in Equity
For the Month Ended December 31, 2020

Detoya, Capital, October 1, 2020 150,000.00


Add: Additional Investments -
Profit ₱ 52,900.00 52,900.00
Total 202,900.00
Less: Withdrawals 12,000.00
Detoya, Capital, October 31, 2020 190,900.00
Edgar Detoya, Tax Consultant
Balance Sheet
December 31, 2020

ASSET
Current Assets
Cash ₱ 93,800.00
Accounts Receivable 48,000.00
Fee Receivable 10,000.00
Supplies 4,700.00
Total Current Assets

Non-Current Assets
Office Equipment ₱ 75,000.00
Less: Accumulated Depreciation 800.00 ₱ 74,200.00
Total Non-Current Asset
Total Asset

LIABILITY
Current Liability
Accounts Payable ₱ 38,000.00
Salaries Payable 1,800.00
Total Liability

OWNER'S EQUITY
Detoya, Capital, October 31, 2020
Total Liabilities and Equity
₱ 156,500.00

74,200.00
₱ 230,700.00

₱ 39,800.00

190,900.00
₱ 230,700.00
Adjustments
Date Account titles and Explanation P.R Debit Credit
2020
Dec. 31 Supplies Expense 510 ₱ 2,500.00
Supplies 140 ₱ 2,500.00
#
31 Salaries Expense 510 1,800.00
Salaries Payable 220 1,800.00
#
31 Depreciation Expense 540 800.00
Accumulated Depreciation 155 800.00
#
31 Fee Receivable 130 10,000.00
Consulting Revenues 410 10,000.00
#
General Journal
Date Account titles and Explanation P.R Debit Credit
2020
Oct. 31 Consulting Revenues ₱ 78,000.00
Income Summary ₱ 78,000.00
#
Income Summary ₱ 25,100.00
Salaries Expense ₱ 13,800.00
Supplies Expense 2,500.00
Rent Expense 8,000.00
Depreciation Expense 800.00
#
Income Summary ₱ 52,900.00
Detoya, Capital ₱ 52,900.00
#
Detoya, Capital 12,000.00
Detoya, Withdrawal 12,000.00
Dr. Nick Marasigan, M.D.
Post-Closing Trial Balance
October 31, 2020

Cash ₱ 93,800.00
Accounts Receivable 48,000.00
Fee Receivable 10,000.00
Supplies 4,700.00
Office Equipment 75,000.00
Accumulated Depreciation ₱ 800.00
Accounts Payable 38,000.00
Salaries Payable 1,800.00
Detoya, Capital 190,900.00
₱ 231,500.00 ₱ 231,500.00
General Journal
Date Account titles and Explanation P.R Debit Credit
2020
Jan. 1 Salaries Payables 220 ₱ 1,800.00
Salaries Expense 510 ₱ 1,800.00

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