Detoya Accounting Cycle
Detoya Accounting Cycle
Bondoc SCORE:
SECTION: ACN1 PROFESSOR: Cielo N. Dait
Problem #7
Comprehensive Problem
Edgar Detoya, tax consultant, began his practice on December 1, 2018. The
transactions of the firm are as follows:
LEDGER
Chart of Accounts
Balance Sheet Accounts Income Statement Accounts
Assets Revenue
110 Cash 410 Consulting Revenues
120 Accounts Receivable
130 Fees Receivable Expenses
140 Supplies 510 Salaries Expense
150 Office Equipment 520 Supplies Expense
155 Accumulated Depreciation 530 Rent Expense
Liabilities 540 Depreciation Expense
210 Accounts Payable
220 Salaries Payable
Owner’s Equity
310 Detoya, Capital
320 Detoya, Withdrawals
330 Income Summary
Assets
Current Assets
Cash ₱93,800
Accounts Receivable 48,000
Fees Receivable 10,000
Supplies 4,700
Total Current Assets ₱156,500
Non Current Asset
Office Equipment ₱75,000
Less: Accumulated Depreciation 800
Total Non Current Asset 74,200
Total Assets ₱230,700
Note: The accounts presented here are the accounts that have adjustments. Accounts
that is not here doesn’t have any change in their balances.
Note: The accounts presented here are the accounts that have adjustments as for the
closing entries. Accounts that is not here doesn’t have any change in their balances.
LEDGER