Question: I need help regarding this activity I only need answers for questions 2-5 Thank you Edgar Detoya, tax consultant, began his practice on December 1,2020
I need help regarding this activity I only need answers for questions 2-5 Thank you
Edgar Detoya, tax consultant, began his practice on December 1,2020 . The transactions of the firm are as follows: December 1. Detoya invested PHP 150,000 in the firm. December 2. Paid rent for December to Recoletos Realty, PHP8,000. December 2. Purchased supplies on account, PHP7,200. December 3. Acquired PHP75,000 of Office Equipment, paying PHP37,000 down with the balance due in 30 days. December 8 . Paid PHP7,200 on account for supplies purchased. December 14. Paid assistant's salaries for two weeks, PHP6,000. December 20. Performed consulting services for cash, PHP20,000. December 28. Paid assistant's salaries for two weeks, PHP6,000. December 30. Billed clients for December consulting services, PHP48,000. December 31. Detoya withdrew PHP12,000 from the business. REQUIREMENT: 1. Journalize the December transactions and post to the ledger. 2. Prepare and complete the financial worksheet using the following information: a. Supplies on hand at December 31 amounted to PHP4,700. b. Salaries of PHP1,800 have accrued at month-end. c. Depreciation is PHP800 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 PHP500 per hour. Note: Use Fees Receivable to reflect the amount earned but not yet billed. 3. Journalize and post adjusting and closing entries. 4. Prepare a post-closing trial balance. 5. Prepare an income statement, a balance sheet and a statement of changes in equity
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