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December Accounting Transactions Summary

1. The document records various transactions of Detoya Capital including an initial investment, revenue from consulting services, payment of expenses like rent, salaries and supplies. 2. Adjusting entries were made at the end of the period to recognize expenses incurred but not paid and revenue earned but not received. 3. A closing entry transferred balances from temporary accounts to the capital account to determine the net income for the period.

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Nicole Fidelson
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30 views26 pages

December Accounting Transactions Summary

1. The document records various transactions of Detoya Capital including an initial investment, revenue from consulting services, payment of expenses like rent, salaries and supplies. 2. Adjusting entries were made at the end of the period to recognize expenses incurred but not paid and revenue earned but not received. 3. A closing entry transferred balances from temporary accounts to the capital account to determine the net income for the period.

Uploaded by

Nicole Fidelson
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Dec.

1 Cash 110 150,000.00


Detoya, Capital 310 150,000.00
to record initial investment

2 Rent Expense 530 8,000.00


Cash 110 8,000.00
to record rent payment

2 Supplies 140 7,200.00


Accounts Payable 210 7,200.00
purchase of supplies
on account

3 Office Equipment 150 75,000.00


Cash 110 37,000.00
Accounts Payable 210 38,000.00
partial payment of
office equipment
balance due in 30 days

8 Accounts Payable 210 7,200.00


Cash 110 7,200.00
paid for supplies
purchased

14 Salaries Expense 510 6,000.00


Cash 110 6,000.00
paid salaries

20 Cash 110 20,000.00


Consulting Revenues 410 20,000.00
revenue

28 Salaries Expense 510 6,000.00


Cash 110 6,000.00
paid salaries

30 Accounts Receivable 120 48,000.00


Consulting Revenue 410 48,000.00
31 Detoya, Withdrawals 320 12,000.00
Cash 110 12,000.00
to record withdrawals
a. Supplies Expense 2,500.00
Supplies 2,500.00
to recognize the used portion

b. Salaries Expense 1,800.00


Salaries Payable 1,800.00
to recognize acrued salaries

c. Depreciation Expense 800.00


Accumulated Depreciation 800.00
to recognize depreciation for the period

d. Fees Receivable 10,000.00


Consulting Revenues 10,000.00
to record acrued revenue
Consulting Revenues 78,000.00
Income Summary
to close consulting revenues
to income summary account

Income Summary 25,100.00


Salaries Expense
Supplies Expense
Rent Expense
Depreciation Expense
to close debit accounts
to income summary account

Income Summary 52,900.00


Detoya, Capital
to close income summary account
to capital account

Detoya, Capital 12,000.00


Detoya, Withdrawals
to close drawing account to
capital account
Salaries Payable 1,800.00
78,000.00 Salaries Expense
to record reversing entries

13,800.00
2,500.00
8,000.00
800.00

52,900.00

12,000.00
1,800.00
CASH 110
DATE EXPLANATION J.R DEBIT DATE
Dec-01 initial investment 1 150,000.00 Dec-02
Dec-20 revenue from services rendered 1 20,000.00 Dec-03
Dec-08
Dec-14
Dec-28
Dec-31
170,000.00
- 76,200.00
93,800.00

ACCOUNTS RECEIVABLE 120


DATE EXPLANATION J.R DEBIT DATE
Dec-30 billed customers for services rendered 1 48,000.00

FEES RECEIVABLE 130


DATE EXPLANATION J.R DEBIT DATE
d. 2 10,000.00
SUPPLIES 140
DATE EXPLANATION J.R DEBIT DATE
Dec-02 purchased supplies on account 1 7,200.00 a.
- 2,500.00
4,700.00

OFFICE EQUIPMENT 150


DATE EXPLANATION J.R DEBIT DATE
Dec-03 purchased office equipment 1 75,000.00

ACCUMULATED DEPRECIATION 155


DATE EXPLANATION J.R DEBIT DATE
c
ACCOUNTS PAYABLE 210
DATE EXPLANATION J.R DEBIT DATE
Dec-08 paid for supplies of account 1 7,200.00 Dec-02
Dec-03
7,200.00
- 7,200.00
-

SALARIES PAYABLE 220


DATE EXPLANATION J.R DEBIT DATE
b

DETOYA, CAPITAL 310


DATE EXPLANATION J.R DEBIT DATE
Dec-01
Dec-31
DETOYA, WITHDRAWALS 320
DATE EXPLANATION J.R DEBIT DATE
Dec-31 cash withdrawal 1 12,000.00 Dec-31
- 12,000.00
-

INCOME SUMMARY 330


DATE EXPLANATION J.R DEBIT DATE
Dec-31 closing entry 2 25,100.00 Dec-31
- 25,100.00
-
Dec-31 closing entry 52,900.00
- 52,900.00
-

CONSULTING REVENUES 410


DATE EXPLANATION J.R DEBIT DATE
Dec-31 closing entry 2 78,000.00 Dec-20
Dec-30

78,000.00
- 78,000.00
-

SALARIES EXPENSE 510


DATE EXPLANATION J.R DEBIT DATE
Dec-14 paid salaries 1 6,000.00 Dec-31
Dec-28 paid salaries 1 6,000.00
12,000.00
b. accrued salaries 2 1,800.00
13,800.00
- 13,800.00
-

SUPPLIES EXPENSE 520


DATE EXPLANATION J.R DEBIT DATE
a. to recognize incurred portion 2 2,500.00 Dec-31
- 2,500.00
-
RENT EXPENSE 530
DATE EXPLANATION J.R DEBIT DATE
Dec-02 paid for rent 1 8,000.00 Dec-31
- 8,000.00
-

DEPRECIATION EXPENSE 540


DATE EXPLANATION J.R DEBIT DATE
c to recognize depreciation for the month 1 800.00 Dec-31
- 800.00
-
CASH 110
EXPLANATION J.R CREDIT
paid for rent 1 8,000.00
acquired office equipment 1 37,000.00
paid for supplies purchased on account 1 7,200.00
paid salaries 1 6,000.00
paid salaries 1 6,000.00
cash withdrawal 1 12,000.00
76,200.00
- 76,200.00
-

NTS RECEIVABLE 120


EXPLANATION J.R CREDIT

S RECEIVABLE 130
EXPLANATION J.R CREDIT
SUPPLIES 140
EXPLANATION J.R CREDIT
to recognize incurred portion 2 2,500.00
- 2,500.00
-

CE EQUIPMENT 150
EXPLANATION J.R CREDIT

ATED DEPRECIATION 155


EXPLANATION J.R CREDIT
to recognize depreciation for the month 2 800.00
UNTS PAYABLE 210
EXPLANATION J.R CREDIT
purchased supplies on account 1 7,200.00
acquired office equipment on account 1 38,000.00
45,200.00
- 7,200.00
38,000.00

RIES PAYABLE 220


EXPLANATION J.R CREDIT
accrued salaries 2 1,800.00

OYA, CAPITAL 310


EXPLANATION J.R CREDIT
initial investment 1 150,000.00
to close income summary 52,900.00
202,900.00
A, WITHDRAWALS 320
EXPLANATION J.R CREDIT
closing entry 12,000.00
- 12,000.00
-

ME SUMMARY 330
EXPLANATION J.R CREDIT
closing entry 2 78,000.00
- 25,100.00
52,900.00
- 52,900.00
-

LTING REVENUES 410


EXPLANATION J.R CREDIT
revenue for serevices rendered 1 20,000.00
billed customer for services rendered 1 48,000.00
68,000.00
2 10,000.00
78,000.00
- 78,000.00
-

RIES EXPENSE 510


EXPLANATION J.R CREDIT
closing entry 2 13,800.00

13,800.00
- 13,800.00
-

PLIES EXPENSE 520


EXPLANATION J.R CREDIT
closing entry 2 2,500.00
- 2,500.00
-
NT EXPENSE 530
EXPLANATION J.R CREDIT
closing entry 2 8,000.00
- 8,000.00
-

CIATION EXPENSE 540


EXPLANATION J.R CREDIT
closing entry 2 800.00
- 800.00
-
Trial Balance Adjusting Adjusted Trial Balance
Account Titles
Dr. Cr. Dr. Cr. Dr.
Cash 93,800.00 93,800.00
Accounts Receivable 48,000.00 48,000.00
Fees Receivable 10,000.00 10,000.00
Supplies 7,200.00 2,500.00 4,700.00
Office Equipment 75,000.00 75,000.00
Accumulated Depreciation 800.00
Accounts Payable 38,000.00
Salaries Payable 1,800.00
Detoya, Capital 150,000.00
Detoya, Withdrawals 12,000.00 12,000.00
Income Summary
Consulting Revenues 68,000.00 10,000.00
Salaries Expense 12,000.00 1,800.00 13,800.00
Supplies Expense 2,500.00 2,500.00
Rent Expense 8,000.00 8,000.00
Depreciation Expense 800.00 800.00
256,000.00 256,000.00 15,100.00 15,100.00 268,600.00
Profit
Adjusted Trial Balance Income Statement Balance Sheet Closing Entries Post-Closing
Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr.
93,800.00 93,800.00
48,000.00 48,000.00
10,000.00 10,000.00
4,700.00 4,700.00
75,000.00 75,000.00
800.00 800.00
38,000.00 38,000.00
1,800.00 1,800.00
150,000.00 150,000.00 12,000.00 52,900.00
12,000.00 12,000.00
25,100.00 78,000.00
78,000.00 78,000.00 78,000.00
13,800.00 13,800.00
2,500.00 2,500.00
8,000.00 8,000.00
800.00 800.00
268,600.00 25,100.00 78,000.00 243,500.00 190,600.00 115,100.00 168,000.00 231,500.00
52,900.00 52,900.00 52,900.00
78,000.00 78,000.00 243,500.00 243,500.00 168,000.00 168,000.00
Post-Closing
Cr.

800.00
38,000.00
1,800.00
190,900.00

231,500.00
Income Statement Statement of Changes in
For the Month Ended December 31, 2021 For the Month Ended Decemb

Consulting Revenues 78,000.00 Detoya, Capital 12/01/2021


Add: Additional Investments by Detoya
Expenses Profit
Salaries Expense 13,800.00 Total
Supplies Expense 2,500.00 Less: Detoya, Withdrawals
Rent Expense 8,000.00 Detoya, Capital 12/31/2021
Depreciation Expense 800.00
Total 25,100.00
Profit 52,900.00
Statement of Changes in Equity Balance Sheet
For the Month Ended December 31, 2021 As of December 31, 2021

150,000.00 Assets
l Investments by Detoya 0 Current Assets
52,900.00 Cash
202,900.00 Accounts Receivable
12,000.00 Fees Receivable
190,900.00 Supplies
Total Current Assets
Noncurrent Asset
Office Equipment
Accumulated Depreciation
Total Noncurrent Assets
Total Assets
Liabilities
Current Liabilities
Accounts Payable
Salaries Payable
Total Current Liabilities
Owner's Equity
Detoya, Capital 12/31/2021
Total Liabilities and Owner's Equity
alance Sheet Statement of Cash Flows
ecember 31, 2021 For the Month Ended December 31, 2021

Assets Cash Flows from Operating Activities


Accounts Receivable - 48,000.00
93,800.00 Fees Receivable - 10,000.00
48,000.00 Supplies - 4,700.00
10,000.00 Salaries Payable 1,800.00
4,700.00 Total Cash Flows from Operating Activities
156,500.00
Cash Flows From Investing Activities
75,000.00 Office Equipment - 74,200.00
- 800.00 Net Cash Flows from Investing Activities
74,200.00
230,700.00 Cash Flows from Financing Activities
Liabilities Accounts Payable 38,000.00
Detoya, Capital 202,900.00
38,000.00 Detoya, Withdrawals - 12,000.00
1,800.00 Net Cash Flows from Financing Activities
39,800.00
wner's Equity
190,900.00
230,700.00
Statement of Cash Flows
1, 2021 For the Month Ended December 31, 2021

Cash from Operating Activities


Profit 52,900.00
add: Depreciation 800.00
adjusted ____ from operation
Increase in Salaries Payable 1,800.00
- 60,900.00 Increase in Accounts Receivable - 48,000.00
Increase in Fees Receivable - 10,000.00
Increase in Supplies - 4,700.00
Net Cash Flows from Operating Activities
- 74,200.00
Cash Flows From Investing Activities
Office Equipment - 75,000.00
Net Cash Flows from Investing Activities

Cash Flows from Financing Activities


228,900.00 Accounts Payable 38,000.00
93,800.00 Detoya, Capital 150,000.00
Detoya, Withdrawals - 12,000.00
Net Cash Flows from Financing Activities
Net Increase in Cash 12/31/2021
, 2021

53,700.00

- 60,900.00
- 7,200.00

- 75,000.00

176,000.00
93,800.00

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