Instructions: Do this in a Microsoft Document or a Clean Sheet of paper or a worksheet Scan or take a screenshot of your work and submit to shelyn bolado@scas.ph education no later than April 19, 2021, 1PM. The subject of the email should be FABM1 FINAL ASSESSMENT COMPREHENSIVE PROBLEM Edgar Detoya, a tax consultant began his practice on December 1, 2020. The transactions of the firm are as follows: Dec 1 Detoya Invested P150 000 in the form 2 Paid Rent for December to Recoletos Realty P8,000 2 Purchased supplies on account P7,200 3 Acquired P75,000 of office equipment paying P37,000 down with the balance due in 30 days 8 Pald P7 200 on account for supplies purchased 14 Paid assistant's salaries for two weeks P6,000 20 Performed consulting services for cash P20,000 28 Paid assistants salaries for 2 weeks P6,000 30 Billed clients for December consulting services P4B, 000. 31 Detoya withdrew P12, 000 from the business REQUIRED: 1. Open the following general ledger accounts and prepare the Chart of Accounts for Detoya Consultants Cash (110), Accounts Receivable (120). Fees Receivable (130), Supplies (140). Office Equipment (150), Accumulated Depreciation (155). Accounts payable (210), Salaries Payable (220). Detaya Capital (310). Detoya Withdrawals (320), Income Summary (330), Consulting Revenues (410), Salaries Expense (510), Supplies Expense (520), Rent Expense (530), Depreciation Expense (540) 2 Joumalize the December transactions and post to the T-Accounts 3. Prepare and complete the worksheet Journalize and post (use the same T-accounts) adjusting entries. Supplies on hand at December 31 amounted to P4.700 Salaries of P1, 800 have accrued at month end. Depreciation is P800 for December Detoya has spent 20 hours on a tax fraud case during December. When completed in January, his work will be billed at P500 per hour. NOTE: The firm uses the account Fees Receivable to reflect the amounts earned but not yet billed. Prepare and post (use the same T-accounts) the closing entries. 4. Prepare the income Statement (Single Step) and Balance Sheet in Proper Format (Account form for the Balance Sheet) Instructions: Do this in a Microsoft Document or a Clean Sheet of paper or a worksheet Scan or take a screenshot of your work and submit to shelyn bolado@scas.ph education no later than April 19, 2021, 1PM. The subject of the email should be FABM1 FINAL ASSESSMENT COMPREHENSIVE PROBLEM Edgar Detoya, a tax consultant began his practice on December 1, 2020. The transactions of the firm are as follows: Dec 1 Detoya Invested P150 000 in the form 2 Paid Rent for December to Recoletos Realty P8,000 2 Purchased supplies on account P7,200 3 Acquired P75,000 of office equipment paying P37,000 down with the balance due in 30 days 8 Pald P7 200 on account for supplies purchased 14 Paid assistant's salaries for two weeks P6,000 20 Performed consulting services for cash P20,000 28 Paid assistants salaries for 2 weeks P6,000 30 Billed clients for December consulting services P4B, 000. 31 Detoya withdrew P12, 000 from the business REQUIRED: 1. Open the following general ledger accounts and prepare the Chart of Accounts for Detoya Consultants Cash (110), Accounts Receivable (120). Fees Receivable (130), Supplies (140). Office Equipment (150), Accumulated Depreciation (155). Accounts payable (210), Salaries Payable (220). Detaya Capital (310). Detoya Withdrawals (320), Income Summary (330), Consulting Revenues (410), Salaries Expense (510), Supplies Expense (520), Rent Expense (530), Depreciation Expense (540) 2 Joumalize the December transactions and post to the T-Accounts 3. Prepare and complete the worksheet Journalize and post (use the same T-accounts) adjusting entries. Supplies on hand at December 31 amounted to P4.700 Salaries of P1, 800 have accrued at month end. Depreciation is P800 for December Detoya has spent 20 hours on a tax fraud case during December. When completed in January, his work will be billed at P500 per hour. NOTE: The firm uses the account Fees Receivable to reflect the amounts earned but not yet billed. Prepare and post (use the same T-accounts) the closing entries. 4. Prepare the income Statement (Single Step) and Balance Sheet in Proper Format (Account form for the Balance Sheet)
