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Accounting Quizlett

The document provides accounting transactions for a tax consulting firm from December 1-31, 2020. It includes revenues, expenses, cash balances, accounts receivable, accounts payable, equipment balances, supplies balance, salaries payable, trial balance, salaries expense after closing entries, total assets, current assets, total liabilities, profit/loss, and capital balance after closing entries.

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nicole butihen
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31 views2 pages

Accounting Quizlett

The document provides accounting transactions for a tax consulting firm from December 1-31, 2020. It includes revenues, expenses, cash balances, accounts receivable, accounts payable, equipment balances, supplies balance, salaries payable, trial balance, salaries expense after closing entries, total assets, current assets, total liabilities, profit/loss, and capital balance after closing entries.

Uploaded by

nicole butihen
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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ACCOUNTING QUIZLET

E. Detoya, tax consultant, began his practice on Dec 1, 2020. The transaction of the firm are as follows:

Dec 1  - Invested P150,000 cash in the firm.

Dec 2 - Paid rent for December to Recoletos Realty, P8,000.

Dec 2 - Purchased supplies on account, P7,200.

Dec 3 - Acquired P75,000 office equipment, paying P37,000 down with the balance due in 30 days.

Dec 8 - Paid P7,200 on account for supplies purchased.

Dec 14 - Paid assistant's salaries for 2 weeks, P6,000

Dec 20 - Performed consulting services for cash, P20,000

Dec 28 - Paid assistants salaries for 2 weeks, P6,000

Dec 30 -  Billed clients for December consulting services - P48,000

Dec 31 - Detoya withdrew P12,000 from the business.

Dec 31- Supplies on Hand at Dec 31 amounted to P4,700.

Dec 31 - Salaries of P1,800 have accrued at month-end.

Dec 31- Depreciation of P800 for December.

Dec 31 - Detoya spent 20 hours on a tax fraud case during December. His work will be billed at P500 per
hour.

Based on the above information, compute the adjusted balances at December 31, 2020

1. What is the total amount of revenues appearing on the Statement of Financial Performance?

78000

2. What is the total amount of expenses appearing on the income statement?

25100

3. What is the cash balance appearing on the Statement of Financial Position?

93800

4. What is the balance of accounts receivable appearing on the Statement of Financial Position?

58000
5. What is the balance of accounts payable appearing on the Statement of Financial Position?

38000

6. What is the carrying or net book value of Equipment appearing on the Statement of Financial
Position?

74200

7. What is the balance of supplies appearing on the Statement of Financial Position?

4700

8. What is the balance of salaries payable appearing on the Statement of Financial Position?

1800

9. What is the balance of the adjusted trial balance?

268600

10. What is the balance of salaries expense after the posting of closing entries?

11. Compute the total assets of the business.

230700

12. What is the total amount of current assets appearing on the Statement of Financial Position?

156500

13. What is the total liabilities appearing on the Statement of Financial Position?

39800

14. What the profit or loss of the business?

52900

15. What is the total balance of Detoya, Capital after closing entries?

190900

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