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Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. The transactions the firm are as follows: Detoya invested P150,000 in the firm. Paid rent for December to Recoletos Realty, P8,000. Dec. 1 2 count P7 200.

Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. The transactions the firm are as follows: Detoya invested P150,000 in the firm. Paid rent for December to Recoletos Realty, P8,000. Dec. 1 2 count P7 200.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 1PB: In July of this year, M. Wallace established a business called Wallace Realty. The account headings...
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Required: Prepare a post-closing trial balance and; journalize and post reversing entries Additional information: a. Supplies on hand at Dec. 31 amounted to P4,700. b. Salaries of P1,800 have accrued at month-end. c. Depreciation is P800 for December. d. Detoya has spent 20 hours on a tax fraud case during December. When completed in January, his work will be billed at P500 per hour. Note: The firm uses the account Fees Receivable to reflect the amounts earned but not yet billed.
Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. The transactions of the firm are as follows: Detoya invested P150,000 in the firm. Paid rent for December to Recoletos Realty, P8,000. Purchased supplies on account, P7,200. Acquired P75,000 of office equipment, paying P37,000 down with the balance due in 30 days. Paid P7,200 on account for supplies purchased. Paid assistant's salaries for two weeks, P6,000. Performed consulting services for cash, P20,000. Paid assistant's salaries for two weeks, P6,000. Billed clients for December consulting services, P48,000. Detoya withdrew P12,000 from the business. Dec. 1 2 2 3 8. 14 20 28 30 31
Transcribed Image Text:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. The transactions of the firm are as follows: Detoya invested P150,000 in the firm. Paid rent for December to Recoletos Realty, P8,000. Purchased supplies on account, P7,200. Acquired P75,000 of office equipment, paying P37,000 down with the balance due in 30 days. Paid P7,200 on account for supplies purchased. Paid assistant's salaries for two weeks, P6,000. Performed consulting services for cash, P20,000. Paid assistant's salaries for two weeks, P6,000. Billed clients for December consulting services, P48,000. Detoya withdrew P12,000 from the business. Dec. 1 2 2 3 8. 14 20 28 30 31
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