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  • Assignment

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    Enz Alba
    6K vizualizări13 pagini
    1) The document contains journal entries for Edgar Detoya's business for the month of December 2015, including entries for cash, supplies, rent, equipment, salaries, and withdrawals. 2) Financial statements were prepared for the month including an income statement showing a profit of 48,000 pesos, balance sheet with total assets of 164,000 pesos, and statement of cash flows. 3) The trial balance at the end of December shows total debits and credits of 256,000 pesos each.

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    Accounting

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    1) The document contains journal entries for Edgar Detoya's business for the month of December 2015, including entries for cash, supplies, rent, equipment, salaries, and withdrawals. 2) Financial statements were prepared for the month including an income statement showing a profit of 48,000 pesos, balance sheet with total assets of 164,000 pesos, and statement of cash flows. 3) The trial balance at the end of December shows total debits and credits of 256,000 pesos each.

    Drepturi de autor:

    © All Rights Reserved
    Descărcați ca XLSX, PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    6K vizualizări13 pagini

    Assignment

    Încărcat de

    Enz Alba
    1) The document contains journal entries for Edgar Detoya's business for the month of December 2015, including entries for cash, supplies, rent, equipment, salaries, and withdrawals. 2) Financial statements were prepared for the month including an income statement showing a profit of 48,000 pesos, balance sheet with total assets of 164,000 pesos, and statement of cash flows. 3) The trial balance at the end of December shows total debits and credits of 256,000 pesos each.

    Drepturi de autor:

    © All Rights Reserved
    Descărcați ca XLSX, PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    din 13

    Journal Entries

    Date Account Title P.R. Dr. Cr.


    2015
    Dec. 1 Cash 110 ₱150,000
    Detoya, Capital 310 ₱150,000

    2 Rent Expense 530 8000


    Cash 110 8000

    Supplies 140 7200


    Accounts Payable 210 7200

    3 Office Equipment 150 75000


    Cash 110 37000
    Accounts Payable 210 38000

    8 Accouts Payable 210 7200


    Cash 110 7200

    14 Salaries Expense 510 6000


    Cash 110 6000

    20 Cash 110 20000


    Consulting Revenues 410 20000

    28 Salaries Expense 510 6000


    Cash 110 6000

    30 Accounts Receivable 120 48000


    Consulting Revenues 410 48000

    31 Detoya, Withdrawals 320 72000


    Cash 110 72000
    T-Accounts

    Cash (110) Accounts Receivable (120) Fees Receivable (130)


    Dr. Cr. Dr. Cr. Dr.
    (1) 150000 (2) 8000 (30) 48000
    (20) 20000 (3) 37000 Bal. 48000
    (8) 7200
    (14) 6000
    (28) 6000
    (31) 72000
    170000 136200
    Bal. ###

    Supplies (140) Office Equipment (150) Accumulated Depreciation (1


    Dr. Cr. Dr. Cr. Dr.
    (2) 7200 (3) 75000
    Bal. 7200 Bal. 75000

    Accounts Payable (210) Salaries Payable (220) Detoya, Capital (310)


    Dr. Cr. Dr. Cr. Dr.
    (8) 7200 (2) 7200
    (3) 38000
    7200 45200
    Bal. 38000
    Detoya, Withdrawals (320) Income Summary (330) Consulting Revenues (410
    Dr. Cr. Dr. Cr. Dr.
    (31) 72000
    Bal. 72000

    Salaries Expense (510) Supplies Expense (520) Rent Expense (530)


    Dr. Cr. Dr. Cr. Dr.
    (14) 6000 (2) 8000
    (28) 6000 Bal. 8000
    Bal. 12000

    Depreciation Expense (540)


    Dr. Cr.
    Fees Receivable (130)
    Cr.

    mulated Depreciation (155)


    Cr.

    Detoya, Capital (310)


    Cr.
    (1) 150000
    Bal. 150000
    onsulting Revenues (410)
    Cr.
    (20) 20000
    (30) 48000
    Bal. 68000

    Rent Expense (530)


    Cr.
    Edgar Detoya
    Trial Balance
    For the Month Ended, December 31, 2015

    Account Title P.R. Dr. Cr.


    Cash 110 ₱33,800
    Accounts Receivable 120 48000
    Supplies 140 7200
    Office Equipment 150 75000
    Accounts Payable 210 ₱38,000
    Detoya, Capital 310 150000
    Detoya, Withdrawals 320 72000
    Consulting Revenues 410 68000
    Salaries Expense 510 12000
    Rent Expense 530 8000
    Total ₱256,000 ₱256,000
    Edgar Detoya
    Income Statement
    For the Month Ended, December 31, 2015

    Consulting Revenues ₱68,000


    Less: Operating Expenses
    Salaries Expense ₱12,000
    Rent Expense 8000
    Total Operating Expense 20000
    Profit ₱48,000
    Edgar Detoya
    Statement of Changes in Equity
    For the Month Ended, December 31,2015

    Detoya, Capital Beginning Dec. 1 ₱150,000


    Add: Profit 48000
    Total 198000
    Less: Detoya Withdrawals 72000
    Detoya, Capital Ending Dec. 31 ₱126,000
    Edgar Detoya
    Balance Sheet
    For the Month Ended, December 31, 2015

    Assets
    Current Assets
    Cash ₱33,800
    Accounts Receivable 48000
    Supplies 7200
    Total Current Assets 89000

    Non Current Assets


    Office Equipment 75000
    Total Non Current Assets 75000
    Total Assets ₱164,000

    Liabilities and Owner's Equity

    Liabilities
    Accounts Payable ₱38,000
    Total Liabilities 38000

    Owner's Equity
    Detoya, Capital - Dec. 31 126000
    Total Liabilities and Owner's Equity ₱164,000
    Edgar Detoya
    Statement of Cash Flows
    For the Month Ended, December 31, 2015

    Cash flows from Operating Activities


    Cash received from client P 20000
    Cash payment for rent (8000)
    Cash payment for supplies (7200)
    Cash payment for salaries (6000)
    Cash payment for salaries (6000)
    Net cash provided (used in) Operating Activities

    Cash flows from Investing Activities


    Payment to acquire office equipment (37000)
    Net cash provided (used in) Investing Activities

    Cashflow from Financing Activities


    Investment 150000
    Withdrawal (72000)
    Net cash provided (used in) Financing Activities
    Net Increase/Decrease in Cash
    Add: Cash balance, December 1, 2015
    Cash balance, December 31, 2015
    P (7200)

    (37000)

    78000
    P 33800
    0
    P 33800

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