General Journal

Date Account Titles / Explanation P.R. Debit Credit

2011
Dec. 1 Cash 110 150,000.00
Detoya, Capital 310 150,000.00
To record initial investment of the owner.

2 Rent Expense 530 8,000.00

Cash 110 8,000.00
To record payment of rent for the month.

Supplies 140 7,200.00

Accounts Payable 210 7,200.00
To record purchased supplies on account.

3 Office Equipment 150 75,000.00

Cash 110 37,000.00
Accounts Payable 210 38,000.00
To record purchased of office equipment for cash and the balance on
account.

8 Accounts Payable 210 7,200.00

Cash 110 7,200.00
To record payment of supplies on account
dtd Dec. 2

14 Salaries Expense 510 6,000.00

Cash 110 6,000.00
To record payment of salaries to assistant.

20 Cash 110 73,000.00

Consulting Revenues 410 73,000.00
To record consulting services performed.

28 Salaries Expense 110 6,000.00

 Cash 260 6,000.00
To record payment of salaries to assistant.

30 Accounts Receivable 120 48,000.00

Consulting Revenues 410 48,000.00
To record billed consulting services
performed.

31 Detoya, Withdrawals 320 12,000.00

Cash 110 12,000.00
To record withdrawal of the owner.

General Journal
Date Account Titles / Explanation P.R. Debit Credit
2011
Dec.
Adjustments

31 Supplies Expense 520 2,500.00

Supplies 140 2,500.00
To record expired portion of supplies.

31 Salaries Expense 510 1,800.00

Salaries Payable 220 1,800.00
To record accrued salaries for the month.

31 Depreciation Expense 540 800.00

Accumulated Depreciation 155 800.00
To record depreciation for the month of
December.
 31 Fees Receivable 130 10,000.00
Consulting Revenues 410 10,000.00
To record billed for the month of
December.

General Journal
Date Account Titles / Explanation P.R. Debit Credit
2011
Dec.
Closing Entry

31 Consulting Revenues 410 131,000.00

Income Summary 330 131,000.00
To close revenue account.

31 Income Summary 330 25,100.00

Salaries Expense 510 13,800.00
Supplies Expense 520 2,500.00
Rent Expense 530 8,000.00
Depreciation Expense 540 800.00
To close expense accounts.

31 Income Summary 330 105,900.00

Detoya, Capital 310 105,900.00
To close income summary to capital.

31 Detoya, Capital 310 12,000.00

Detoya, Withdrawals 320 12,000.00
To close wthdrawals to capital.
General Ledger
Account No.:
Account Name: Cash
110
Date Explanation F Debit Date Explanation F Credit
2011 2011
Rent
Dec. 1Owner Investment J-1 150,000.00 Dec. 2 J-1 8,000.00
payment
2 Partial
Services rendered J-1 73,000.00 3 J-1 37,000.00
0 payment
Payment on
8 J-1 7,200.00
account
Salaries
14 J-1 6,000.00
payment
Salaries
28 J-1 6,000.00
payment
Owner
31 J-1 12,000.00
withdrawals

223,000.00 76,200.00
Balance 146,800.00

Account No.:
Account Name: Accounts Receivable
120
Date Explanation F Debit Date Explanation F Credit
2011 2011
3
Dec. J-1 48,000.00 Dec. -
0
 Balance 48,000.00

Account No.:
Account Name: Fees Receivable
130
Date Explanation F Debit Date Explanation F Credit
2011 2011
Dec. Dec. 31 Adjsutments J-2 10,000.00

Account No.:
Account Name: Supplies
140
Date Explanation F Debit Date Explanation F Credit
2011 2011
Dec. 2Purchased on acct. J-1 7,200.00
Balance 7,200.00 Oct. 31 Adjustments J-2 2,500.00

4,700.00

Account No.:
Account Name: Office Equipment
150
Date Explanation F Debit Date Explanation F Credit
2011 2011
Dec. 3 J-1 75,000.00 Dec.
 Balance 75,000.00

Account No.:
Account Name: Accumulated Depreciation
155
Date Explanation F Debit Date Explanation F Credit
2011 2011
Dec. 31 Adjustments J-2 800.00
Balance 800.00

Account No.:
Account Name: Accounts Payable
210
Date Explanation F Debit Date Explanation F Credit
2011 2011
Supplies on
Dec. 2Payment of supplies J-1 7,200.00 Dec. 3 J-1 7,200.00
account
Purchased
8 J-1 38,000.00
Equipment

7,200.00 45,200.00
Balance 38,000.00

Account No.:
Account Name: Salaries Payable
240
Date Explanation F Debit Date Explanation F Credit
2011 2011
Dec. Dec. 31 Adjustments J-2 1,800.00
Balance 1,800.00

Account No.:
Account Name: Detoya, Capital
310
Date Explanation F Debit Date Explanation F Credit
2011 2011
Owner
Dec. 1 J-1 150,000.00
Investment
Balance 150,000.00
3 Beginning
Closing Entry J-2 12,000.00 150,000.00
1 Balance
Closing
31 J-2 105,900.00
Entry

12,000.00 255,900.00

243,900.00

Account No.:
Account Name: Marasigan, Withdrawals
320
Date Explanation F Debit Date Explanation F Credit
2011 2011
3
Dec. Owner Withdrawals J-1 12,000.00
0
Balance
 12,000.00
Closing
Beginning Balance 12,000.00 Dec. 31 J-2 12,000.00
Entry

Account No.:
Account Name: Income Summary
330
Date Explanation F Debit Date Explanation F Credit
2011 2011
3 Closing
Dec. Closing Entry J-2 25,100.00 Dec. 31 J-2 131,000.00
1 Entry
3
Closing Entry J-2 105,900.00
1

131,000.00 131,000.00

Account No.:
Account Name: Consulting Revenues
410
Date Explanation F Debit Date Explanation F Credit
2011 2011
Services
Dec. Dec. 20 J-1 73,000.00
performed
Billed
30 J-1 48,000.00
services

121,000.00
Balance
 121,000.00
31 Adjustment J-2 10,000.00
3
Closing Entry J-2 131,000.00 131,000.00
1

Account No.:
Account Name: Salaries Expense
510
Date Explanation F Debit Date Explanation F Credit
2011 2011
1
Dec. Payment of salary J-1 6,000.00 Dec.
4
2
Payment of salary J-1 6,000.00
8
Closing
Beginning Balance 12,000.00 Oct. 30 J-3 13,800.00
Entry
3
Adjustments J-2 1,800.00
1

13,800.00 13,800.00

Account No.:
Account Name: Supplies Expense
520
Date Explanation F Debit Date Explanation F Credit
2011 2011
Dec. 3Adjustments J-2 Oct. 31 Closing J-2
 1 2,500.00 Entry 2,500.00

Account No.:
Account Name: Rent Expense
530
Date Explanation F Debit Date Explanation F Credit
2011 2011
Dec. 2Rent payment J-1 8,000.00 Dec.
Closing
Balance 8,000.00 31 J-2 8,000.00
Entry

Account No.:
Account Name: Depreciation Expense
540
Date Explanation F Debit Date Explanation F Credit
2011 2011
3 Closing
Dec. Adjustments J-2 800.00 Dec. 31 J-2 800.00
1 Entry

Edgar Detoya, Tax Consultant

Trial Balance
December 31, 2011
 No. Account Title Debit Credit
110 Cash 146,800.00
120 Accounts Receivable 48,000.00
130 Fees Receivable -
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 121,000.00
510 Salaries Expense 12,000.00
520 Supplies Expense -
530 Rent Expense 8,000.00
540 Depreciation Expense -
Total 309,000.00 309,000.00

Edgar Detoya, Tax Consultant

Worksheet
For the Month Ended December 31, 2011

Adjusted Trial
Trial Balance Adjustments Income Statement Balance Sheet
Balance
Account
No. Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Title
110 Cash
 146,800.0 146,800.0
146,800.00
0 0
Accounts
120 Receivabl 48,000.00 48,000.00 48,000.00
e
Fees
130 Receivabl d. 10,000.00 10,000.00 10,000.00
e
140 Supplies 7,200.00 a. 2,500.00 4,700.00 4,700.00
Office
150
Equipment 75,000.00 75,000.00 75,000.00
Accumulat
ed
155 c. 800.00 800.00 800.00
Depreciati
on
Accounts
210 38,000.00 38,000.00 38,000.00
Payable
Salaries
220 b. 1,800.00 1,800.00 1,800.00
Payable
Detoya, 150,000.0 150,000.0 150,000.0
310
Capital 0 0 0
Detoya,
320 Withdrawa 12,000.00 12,000.00 12,000.00
ls
Income
330
Summary
Consulting 121,000.0 131,000.0 131,000.0
410 d. 10,000.00
Revenues 0 0 0
Salaries
510 12,000.00 b. 1,800.00 13,800.00 13,800.00
Expense
520 Supplies a.
 Expense 2,500.00 2,500.00 2,500.00
Rent
530
Expense 8,000.00 8,000.00 8,000.00
Depreciati
540 on c. 800.00 800.00 800.00
Expense

Total 309,000.0 321,600.0 321,600.0 131,000.0 296,500.0 190,600.0

309,000.00 15,100.00 15,100.00 25,100.00
0 0 0 0 0 0
Net 105,900.0 105,900.0
Income 0 0

Total 131,000.0 131,000.0 296,500.0 296,500.0

0 0 0 0

Edgar Detoya, Tax Consultant

Income Statement
For the Month Ended December 31, 2011

Revenues
Consulting Revenues 131,000.00

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 105,900.00
 Edgar Detoya, Tax Consultant
Statement of Changes in Equity
For the Month Ended December 31, 2011

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

Add: Additional Investment -
Net Income 105,900.00 105,900.00
Total 255,900.00
Less: Withdrawals (12,000.00)
Detoya, Capital, Dec.. 31, 2011 243,900.00

Edgar Detoya, Tax Consultant

Statement of Financial Position
December 31, 2011

Assets
Current Assets
Cash 146,800.00
Accounts Receivable 48,000.00
Fees Receivable 10,000.00
Supplies 4,700.00
Total Current
209,500.00
Assets

Non-Current Assets

Office Equipment 75,000.00

Less: Accumulated Depreciation (800.00) 74,200.00
Total Non- 74,200.00
 Current Assets
Total Assets 283,700.00

Liabilities
Current Liabilities
Accounts Payable 38,000.00
Salaries Payable 1,800.00
Total Current
39,800.00
Liabilities

Owner's Equity
Detoya, Capital, Dec.. 31, 2011 243,900.00
Total Liabilities and Owner's Equity 283,700.00

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
Accumulated
155 800.00
Depreciation
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