General Journal

Date Account Titles / Explanation

2011
Dec. 1 Cash
Detoya, Capital
To record initial investment of the owner.

2 Rent Expense
Cash
To record payment of rent for the month.

Supplies
Accounts Payable
To record purchased supplies on account.

3 Office Equipment
Cash
Accounts Payable
To record purchased of office equipment for cash and the balance on account.

8 Accounts Payable
Cash
To record payment of supplies on account dtd Dec. 2

14 Salaries Expense
Cash
To record payment of salaries to assistant.

20 Cash
Consulting Revenues
To record consulting services performed.

28 Salaries Expense
Cash
To record payment of salaries to assistant.

30 Accounts Receivable
Consulting Revenues
To record billed consulting services performed.

31 Detoya, Withdrawals
Cash
To record withdrawal of the owner.
 General Journal
Date Account Titles / Explanation
2011
Dec.
Adjustments

31 Supplies Expense
Supplies
To record expired portion of supplies.

31 Salaries Expense
Salaries Payable
To record accrued salaries for the month.

31 Depreciation Expense
Accumulated Depreciation
To record depreciation for the month of December.

31 Fees Receivable
Consulting Revenues
To record billed for the month of December.

General Journal
Date Account Titles / Explanation
2011
Dec.
Closing Entry

31 Consulting Revenues
Income Summary
To close revenue account.

31 Income Summary
Salaries Expense
Supplies Expense
Rent Expense
Depreciation Expense
To close expense accounts.

31 Income Summary
Detoya, Capital
To close income summary to capital.
31 Detoya, Capital
Detoya, Withdrawals
To close wthdrawals to capital.
 Debit Credit

150,000.00
150,000.00

8,000.00
8,000.00

7,200.00
7,200.00

75,000.00
37,000.00
38,000.00
and the balance on account.

7,200.00
7,200.00

6,000.00
6,000.00

20,000.00
20,000.00

6,000.00
6,000.00

48,000.00
48,000.00

12,000.00
12,000.00
Debit Credit

2,500.00
2,500.00

1,800.00
1,800.00

800.00
800.00

10,000.00
10,000.00

Debit Credit

131,000.00
131,000.00

25,100.00
13,800.00
2,500.00
8,000.00
800.00

105,900.00
105,900.00
12,000.00
12,000.00
 General Ledger
Account Name: Cash Acc
Date Explanation F Debit Date
2011 2011
Dec. 1 Owner Investment J-1 150,000.00 Dec. 2
20 Services rendered J-1 73,000.00 3
8
14
28
31
223,000.00
Balance 146,800.00

Account Name: Accounts Receivable Acc

Date Explanation F Debit Date
2011 2011
Dec. 30 J-1 48,000.00 Dec.
Balance 48,000.00

Account Name: Fees Receivable Acc

Date Explanation F Debit Date
2011 2011
Dec. Dec. 31

Account Name: Supplies Acc

Date Explanation F Debit Date
2011 2011
Dec. 2 Purchased on acct. J-1 7,200.00
Balance 7,200.00 Oct. 31
4,700.00

Account Name: Office Equipment Acc

Date Explanation F Debit Date
 2011 2011
Dec. 3 J-1 75,000.00 Dec.
Balance 75,000.00

Account Name: Accumulated Depreciation Acc

Date Explanation F Debit Date
2011 2011
Dec. 31

Account Name: Accounts Payable Acc

Date Explanation F Debit Date
2011 2011
Dec. 2 Payment of supplies J-1 7,200.00 Dec. 3
8
7,200.00

Account Name: Salaries Payable Acc

Date Explanation F Debit Date
2011 2011
Dec. Dec. 31

Account Name: Detoya, Capital Acc

Date Explanation F Debit Date
2011 2011
Dec. 1

31 Closing Entry J-2 12,000.00

31
12,000.00
Account Name: Marasigan, Withdrawals Acc
Date Explanation F Debit Date
2011 2011
Dec. 30 Owner Withdrawals J-1 12,000.00
Balance 12,000.00
Beginning Balance 12,000.00 Dec. 31
-

Account Name: Income Summary Acc

Date Explanation F Debit Date
2011 2011
Dec. 31 Closing Entry J-2 25,100.00 Dec. 31
31 Closing Entry J-2 105,900.00
131,000.00
-

Account Name: Consulting Revenues Acc

Date Explanation F Debit Date
2011 2011
Dec. Dec. 20
30

31
31 Closing Entry J-2 131,000.00

Account Name: Salaries Expense Acc

Date Explanation F Debit Date
2011 2011
Dec. 14 Payment of salary J-1 6,000.00 Dec.
28 Payment of salary J-1 6,000.00
Beginning Balance 12,000.00 Oct. 30
31 Adjustments J-2 1,800.00
13,800.00
-
Account Name: Supplies Expense Acc
Date Explanation F Debit Date
2011 2011
Dec. 31 Adjustments J-2 2,500.00 Oct. 31
-

Account Name: Rent Expense Acc

Date Explanation F Debit Date
2011 2011
Dec. 2 Rent payment J-1 8,000.00 Dec.
Balance 8,000.00 31
-

Account Name: Depreciation Expense Acc

Date Explanation F Debit Date
2011 2011
Dec. 31 Adjustments J-2 800.00 Dec. 31
-
dger
Account No.: 110
Explanation F Credit

Rent payment J-1 8,000.00

Partial payment J-1 37,000.00
Payment on account J-1 7,200.00
Salaries payment J-1 6,000.00
Salaries payment J-1 6,000.00
Owner withdrawals J-1 12,000.00
76,200.00

Account No.: 120

Explanation F Credit

Account No.: 130

Explanation F Credit

Adjsutments J-2 10,000.00

Account No.: 140

Explanation F Credit

Adjustments J-2 2,500.00

Account No.: 150

Explanation F Credit
 Account No.: 155
Explanation F Credit

Adjustments J-2 800.00

Balance 800.00

Account No.: 210

Explanation F Credit

Supplies on account J-1 7,200.00

Purchased Equipment J-1 38,000.00
45,200.00
Balance 38,000.00

Account No.: 240

Explanation F Credit

Adjustments J-2 1,800.00

Balance 1,800.00

Account No.: 310

Explanation F Credit

Owner Investment J-1 150,000.00

Balance 150,000.00
Beginning Balance 150,000.00
Closing Entry J-2 105,900.00
255,900.00
243,900.00
 Account No.: 320
Explanation F Credit

Closing Entry J-2 12,000.00

Account No.: 330

Explanation F Credit

Closing Entry J-2 131,000.00

131,000.00

Account No.: 410

Explanation F Credit

Services performed J-1 73,000.00

Billed services J-1 48,000.00
121,000.00
Balance 121,000.00
Adjustment J-2 10,000.00
131,000.00
-

Account No.: 510

Explanation F Credit

Closing Entry J-3 13,800.00

13,800.00
 Account No.: 520
Explanation F Credit

Closing Entry J-2 2,500.00

Account No.: 530

Explanation F Credit

Closing Entry J-2 8,000.00

Account No.: 540

Explanation F Credit

Closing Entry J-2 800.00

 Edgar Detoya, Tax Consultant
Unadjusted Trial Balance
For the Year Ended December 31, 2019

Account Title Debit Credit

Cash ₱ 93,800.00
Accounts Receivable 48,000.00
Supplies 7,200.00
Office Equipment 75,000.00
Accounts Payable ₱ 38,000.00
Detoya, Capital 150,000.00
Detoya, Withdrawals 12,000.00
Income Summary
Consulting Revenues 68,000.00
Salaries Expense 12,000.00
Rent Expense 8,000.00
Total ₱ 256,000.00 ₱ 256,000.00

-
 Edgar Detoya, Tax Consul
Worksheet
For the Month Ended Decembe

Trial Balance Adjustments

No. Account Title Debit Credit Debit
110 Cash 93,800.00
120 Accounts Receivable 48,000.00
130 Fees Receivable d. 10,000.00
140 Supplies 7,200.00
150 Office Equipment 75,000.00
155 Accumulated Depreciation
210 Accounts Payable 38,000.00
220 Salaries Payable
310 Detoya, Capital 150,000.00
320 Detoya, Withdrawals 12,000.00
330 Income Summary
410 Consulting Revenues 68,000.00
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
Total 256,000.00 256,000.00 15,100.00
Net Income
Total
 Edgar Detoya, Tax Consultant
Worksheet
the Month Ended December 31, 2019

Adjustments Adjusted Trial Balance Income Statement Balance Sheet

Credit Debit Credit Debit Credit Debit
93,800.00 93,800.00
48,000.00 48,000.00
10,000.00 10,000.00
a. 2,500.00 4,700.00 4,700.00
75,000.00 75,000.00
c. 800.00 800.00
38,000.00
b. 1,800.00 1,800.00
150,000.00
12,000.00 12,000.00

d. 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 Sheet
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 Statement
For the Month Ended December 31, 2019

Revenues
Consulting Revenues 78,000.00

Less: Expenses
Salaries Expense 13,800.00
Supplies Expense 2,500.00
Rent Expense 8,000.00
Depreciation Expense 800.00
Total (25,100.00)
Net Income 52,900.00

Edgar Detoya, Tax Consultant

Statement of Changes in Equity
For the Month Ended December 31, 2019

Detoya, Capital, Dec. 1, 2011 150,000.00

Add: Additional Investment -
Net Income 52,900.00 52,900.00
Total 202,900.00
Less: Withdrawals (12,000.00)
Detoya, Capital, Dec.. 31, 2011 190,900.00
 Edgar Detoya, Tax Consultant
Statement of Financial Position
December 31, 2019

Assets
Current Assets
Cash 93,800.00
Accounts Receivable 48,000.00
Fees 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 Assets
Total Assets

Liabilities
Current Liabilities
Accounts Payable 38,000.00
Salaries Payable 1,800.00
Total Current Liabilities

Owner's Equity
Detoya, Capital, Dec.. 31, 2011
Total Liabilities and Owner's Equity
156,500.00

74,200.00
230,700.00

39,800.00

190,900.00
230,700.00
 Edgar Detoya, Tax Consultant
Post-Closing Trial Balance
December 31, 2011

No. Account Title Debit Credit

110 Cash 146,800.00
120 Accounts Receivable 48,000.00
130 Fees Receivable 10,000.00
140 Supplies 4,700.00
150 Office Equipment 75,000.00
155 Accumulated Depreciation 800.00
210 Accounts Payable 38,000.00
220 Salaries Payable 1,800.00
310 Detoya, Capital 150,000.00
320 Detoya, Withdrawals 12,000.00
330 Income Summary
410 Consulting Revenues 131,000.00
510 Salaries Expense 13,800.00
520 Supplies Expense 2,500.00
530 Rent Expense 8,000.00
540 Depreciation Expense 800.00
Total 321,600.00 321,600.00