Nothing Special   »   [go: up one dir, main page]
Scribd Logo
Upload

Welcome to Scribd!

  • 383 views

    Edgar Detoya-Answer Key

    Uploaded by

    AMBER GAMER
    1. The document shows journal entries for Edgar De Toya's business transactions throughout December 2018. 2. Adjusting entries were made at the end of the month to record accrued expenses and unearned revenue. 3. Financial statements were prepared, including an income statement showing a net income of $52,900, and a balance sheet with total assets of $230,700 and owner's equity of $190,900.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Edgar Detoya-Answer Key

    Uploaded by

    AMBER GAMER
    383 views14 pages
    1. The document shows journal entries for Edgar De Toya's business transactions throughout December 2018. 2. Adjusting entries were made at the end of the month to record accrued expenses and unearned revenue. 3. Financial statements were prepared, including an income statement showing a net income of $52,900, and a balance sheet with total assets of $230,700 and owner's equity of $190,900.

    Original Title

    Edgar Detoya-Answer Key (1)

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1. The document shows journal entries for Edgar De Toya's business transactions throughout December 2018. 2. Adjusting entries were made at the end of the month to record accrued expenses and unearned revenue. 3. Financial statements were prepared, including an income statement showing a net income of $52,900, and a balance sheet with total assets of $230,700 and owner's equity of $190,900.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    383 views14 pages

    Edgar Detoya-Answer Key

    Uploaded by

    AMBER GAMER
    1. The document shows journal entries for Edgar De Toya's business transactions throughout December 2018. 2. Adjusting entries were made at the end of the month to record accrued expenses and unearned revenue. 3. Financial statements were prepared, including an income statement showing a net income of $52,900, and a balance sheet with total assets of $230,700 and owner's equity of $190,900.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    You are on page 1of 14

    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

    You might also like