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