General Journal

Date Account Titles / Explanation P.R.

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

2 Rent Expense 530

Cash 110
To record
payment of rent for
the month.

Supplies 140
Accounts Payable 210
To record
purchased supplies
on account.

3 Office Equipment 150

Cash 110
Accounts Payable 210
To record purchased of office
and the balance on account.

8 Accounts Payable 210

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

14 Salaries Expense 510

Cash 110
To record
payment of salaries
to assistant.

20 Cash 110
Consulting
410
Revenues
To record
consulting services
 performed.

28 Salaries Expense 110

Cash 260
To record
payment of salaries
to assistant.

30 Accounts Receivable 120

Consulting
410
Revenues
To record
billed consulting
services
performed.

31 Detoya, Withdrawals 320

Cash 110
To record
withdrawal of the
owner.

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

31 Supplies Expense 520

Supplies 140
To record
expired portion of
supplies.

31 Salaries Expense 510

Salaries Payable 220
To record
accrued salaries for
the month.

31 Depreciation Expense 540

Accumulated
155
Depreciation
To record
 depreciation for
the month of
December.

31 Fees Receivable 130

Consulting
410
Revenues
To record
billed for the
month of
December.

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

31 Consulting Revenues 410

Income Summary 330
To close
revenue account.

31 Income Summary 330

Salaries Expense 510
Supplies Expense 520
Rent Expense 530
Depreciation
540
Expense
To close
expense accounts.

31 Income Summary 330

Detoya, Capital 310
To close
income summary
to capital.

31 Detoya, Capital 310

Detoya,
320
Withdrawals
To close
wthdrawals to
capital.
General Ledger
Account Name: Cash
110
Date Explanation F Debit Date
2011 2011
Owner
Dec. 1 J-1 150,000.00 Dec. 2
Investment
Services
20 J-1 73,000.00 3
rendered
8

14

28

31

223,000.00
Balance 146,800.00

Account Name: Accounts Receivable

120
Date Explanation F Debit Date
2011 2011
Dec. 30 J-1 48,000.00 Dec.

Balance 48,000.00

Account Name: Fees Receivable

130
Date Explanation F Debit Date
2011 2011
Dec. Dec. 31
Account Name: Supplies
140
Date Explanation F Debit Date
2011 2011
Purchased
Dec. 2 J-1 7,200.00
on acct.
Balance 7,200.00 Oct. 31

4,700.00

Account Name: Office Equipment

150
Date Explanation F Debit Date
2011 2011
Dec. 3 J-1 75,000.00 Dec.

Balance 75,000.00

Account Name: Accumulated Depreciation

155
Date Explanation F Debit Date
2011 2011
Dec. 31

Account Name: Accounts Payable

210
Date Explanation F Debit Date
2011 2011
Payment of
Dec. 2 J-1 7,200.00 Dec. 3
supplies
8

7,200.00
Account Name: Salaries Payable
240
Date Explanation F Debit Date
2011 2011
Dec. Dec. 31

Account Name: Detoya, Capital

310
Date Explanation F Debit Date
2011 2011
Dec. 1

Closing
31 J-2 12,000.00
Entry
31

12,000.00

Account Name: Marasigan, Withdrawals

320
Date Explanation F Debit Date
2011 2011
Owner
Dec. 30 J-1 12,000.00
Withdrawals
Balance 12,000.00
Beginning
12,000.00 Dec. 31
Balance

-
Account Name: Income Summary
330
Date Explanation F Debit Date
2011 2011
Closing
Dec. 31 J-2 25,100.00 Dec. 31
Entry
Closing
31 J-2 105,900.00
Entry

131,000.00

Account Name: Consulting Revenues

410
Date Explanation F Debit Date
2011 2011
Dec. Dec. 20

30

31
Closing
31 J-2 131,000.00
Entry

Account Name: Salaries Expense

510
Date Explanation F Debit Date
2011 2011
Payment of
Dec. 14 J-1 6,000.00 Dec.
salary
Payment of
28 J-1 6,000.00
salary
Beginning Oct. 30
 Balance 12,000.00
31 Adjustments J-2 1,800.00

13,800.00

Account Name: Supplies Expense

520
Date Explanation F Debit Date
2011 2011
Dec. 31 Adjustments J-2 2,500.00 Oct. 31

Account Name: Rent Expense

530
Date Explanation F Debit Date
2011 2011
Rent
Dec. 2 J-1 8,000.00 Dec.
payment
Balance 8,000.00 31

Account Name: Depreciation Expense

540
Date Explanation F Debit Date
2011 2011
Dec. 31 Adjustments J-2 800.00 Dec. 31

Edgar Detoya, Tax Consultant

 Trial Balance
December 31, 2011

No. Account Title Debit

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
220 Salaries Payable
310 Detoya, Capital
320 Detoya, Withdrawals 12,000.00
330 Income Summary
410 Consulting Revenues
510 Salaries Expense 12,000.00
520 Supplies Expense -
530 Rent Expense 8,000.00
540 Depreciation Expense -
Total 309,000.00

Edgar Detoya, Tax Consultant

Worksheet
For the Month Ended December 31, 2011

Adjusted Trial
Trial Balance Adjustments In
Balance
Account
No. Debit Credit Debit Credit Debit Credit D
Title

110 Cash 146,800.0 146,800.0

0 0
Accounts
120 Receivabl 48,000.00 48,000.00
e
Fees
130 Receivabl d. 10,000.00 10,000.00
e
140 Supplies 7,200.00 a. 2,500.00 4,700.00
150 Office
 Equipment75,000.00 75,000.00
Accumulat
ed
155 c. 800.00 800.00
Depreciati
on
Accounts
210 38,000.00 38,000.00
Payable
Salaries
220 b. 1,800.00 1,800.00
Payable
Detoya, 150,000.0 150,000.0
310
Capital 0 0
Detoya,
320 Withdraw 12,000.00 12,000.00
als
Income
330
Summary
Consulting 121,000.0 131,000.0
410 d. 10,000.00
Revenues 0 0
Salaries
510 b.
Expense 12,000.00 1,800.00 13,800.00 13
Supplies
520 a. 2,500.00 2,500.00 2,
Expense
Rent
530
Expense 8,000.00 8,000.00 8,
Depreciati
540 on c. 800.00 800.00 80
Expense

Total 309,000.0 309,000.0 321,600.0 321,600.0

15,100.00 15,100.00 25
0 0 0 0
Net 10
Income 0

Total 13
0

Edgar Detoya, Tax Consultant

Income Statement
For the Month Ended December 31, 2011

Revenues
 Consulting Revenues

Less: Expenses
Salaries Expense 13,800.00
Supplies Expense 2,500.00
Rent Expense 8,000.00
Depreciation Expense 800.00
Total
Net Income

Edgar Detoya, Tax Consultant

Statement of Changes in Equity
For the Month Ended December 31, 2011

Detoya, Capital, Dec. 1, 2011

Add: Additional Investment -
Net Income 105,900.00
Total
Less: Withdrawals
Detoya, Capital, Dec.. 31, 2011

Edgar Detoya, Tax Consultant

Statement of Financial Position
December 31, 2011

Assets
Current Assets
Cash 146,8
Accounts Receivable 48,0
Fees Receivable 10,0
Supplies 4,7
Total Current
Assets

Non-Current Assets

Office Equipment 75,000.00

Less: Accumulated Depreciation (800.00) 74,2
Total Non-
Current Assets
Total Assets

Liabilities
Current Liabilities
Accounts Payable 38,0
Salaries Payable 1,8
Total Current
Liabilities

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

Edgar Detoya, Tax Consultant

Post-Closing Trial Balance
December 31, 2011

No. Account Title Debit

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
Depreciation
210 Accounts Payable
220 Salaries Payable
310 Detoya, Capital
320 Detoya, Withdrawals 12,000.00
330 Income Summary
410 Consulting Revenues
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