Date Particulars Dr Cr

12.01 Cash 150,000

Detoya, Capital 150,000

12.02 Rent Expense 8,000

Cash 8,000

12.02 Supplies 7,200

Accounts Payable 7,200

12.03 Office Equipment 75,000

Cash 37,000
Accounts Payable 38,000

12.08 Accounts Payable 7,200

Cash 7,200

12.14 Salaries Expense 6,000

Cash 6,000

12.20 Cash 20,000

Consulting Revenues 20,000

12.28 Salaries Expense 6,000

Cash 6,000

12.30 Accounts Receivable 48,000

Consulting Revenues 48,000

12.31 Detoya, Withdrawals 12,000

Cash 12,000

Adjusting Entries

12.31 Supplies Expense 2,500

Supplies 2,500

12.31 Salaries Expense 1,800

Salaries Payable 1,800

12.31 Depreciation Expense 800

 Accumulated Depreciation 800

12.31 Fees Receivable 10,000

Consulting Revenues 10,000
 Cash 93,800
Cash 150,000 Accounts Receivable 48,000
Detoya, Capital - 150,000 Supplies 7,200
- Office Equipment 75,000
Rent Expense 8,000 Accounts Payable 38,000
Cash - 8,000 Detoya, Capital 150,000
- Detoya, Withdrawals 12,000
Supplies 7,200 Consulting Revenues 68,000
Accounts Payable - 7,200 Salaries Expense 12,000
- Rent Expense 8,000
Office Equipment 75,000 Total 256,000 256,000
Cash - 37,000
Accounts Payable - 38,000
-
Accounts Payable 7,200
Cash - 7,200
-
Salaries Expense 6,000
Cash - 6,000
-
Cash 20,000
Consulting Revenues - 20,000
-
Salaries Expense 6,000
Cash - 6,000
-
Accounts Receivable 48,000
Consulting Revenues - 48,000
-
Detoya, Withdrawals 12,000
Cash - 12,000
 Preliminary Trial Balance
December 31, 2018 Adjustments
Dr Cr Dr Cr

Cash 93,800
Accounts Receivable 48,000
Fees Receivable d 10,000
Supplies 7,200 a 2,500
Office Equipment 75,000
Accumulated Depreciation c 800
Accounts Payable 38,000
Salaries Payable b 1,800
Detoya, Capital 150,000
Detoya, Withdrawals 12,000
Income Summary
Consulting Revenues 68,000 d 10,000
Salaries Expense 12,000 b 1,800
Supplies Expense a 2,500
Rent Expense 8,000
Depreciation Expense c 800
Profit/Loss
Total 256,000 256,000 15,100 15,100
Adjusted Trial Balance Income Statement Balance Sheet
December 31, 2018 For the month ended December 31, 2018 As at December 31, 2018

Dr Cr Dr Cr Dr Cr

93,800 93,800
48,000 48,000
10,000 10,000
4,700 4,700
75,000 75,000
800 800
38,000 38,000
1,800 1,800
150,000 150,000
12,000 12,000

78,000 78,000
13,800 13,800
2,500 2,500
8,000 8,000
800 800
52,900 52,900
268,600 268,600 78,000 78,000 243,500 243,500
 Post Closing Trial Balance
Closing Entries As at December 31, 2018

Dr Cr Dr Cr

93,800
48,000
10,000
4,700
75,000
800
38,000
1,800
40,900 190,900
12,000
40,900 40,900
78,000
13,800
2,500
8,000
800

118,900 118,900 231,500 231,500

1. To close the expense accounts Income Summary
1 25,100
Income Summary 25,100 3 12,000
Salaries Expense 13,800
Supplies Expense 2,500 4 40,900
Rent Expense 8,000
Depreciation Expense 800

2. To close the revenue account Detoya, Capital

Consulting Revenues 78,000

Income Summary 78,000

3. To close the drawing account

Income Summary 12,000

Detoya, Withdrawals 12,000

4. To close the Income Summary account to the Capital account

Income Summary 40,900

Detoya, Capital 40,900
Income Summary
78,000 2

40,900

Detoya, Capital
150,000
40,900 4

190,900
EDGAR DE TOYA
Income Statement
For the Month of December 31, 2018

Consulting Revenues 78,000

Less: Salaries Expense 13,800

Supplies Expense 2,500
Rent Expense 8,000
Depreciation Expense 800

Net Income 52,900

EDGAR DE TOYA
Balance Sheet
As at December 31, 2018

ASSETS LIABILITIES AND CAPITAL

Current Assets Current Liabilities

Cash 93,800
Accounts Receivable 48,000
Fees Receivable 10,000
Supplies 4,700
Total Current Assets 156,500 Total Liabilities

Non-current Asset Owner's Equity

Office Equipment 75,000
Less: Accumulated Depreciation 800
Book Value 74,200

Total Assets 230,700 Total Liabilities and Equity

LIABILITIES AND CAPITAL

Current Liabilities
Accounts Payable 38,000
Salaries Payable 1,800

Total Liabilities 39,800

Owner's Equity
Detoya, Capital 190,900

Total Liabilities and Equity 230,700

EDGAR DE TOYA
Statement of Changes in Owner's Equity
As at December 31, 2018

Beginning Capital 150,000

Add: Net Income 52,900

Less: Withdrawals 12,000

Ending Capital 190,900