DATE ACCOUNT TITLE AND EXPLANATION REF. NO.

DEBIT CREDIT
2019
Dec. 1 Cash 110 P 150,000
Tejero, Capital 310 P 150,000
To record the investment of Tejero.

2 Rent Expense 530 8,000

Cash 110 8,000
To record rent payment to Abra Realty.

Supplies 140 7,200

Accounts Payble 210 7,200
To record supplies acquired on credit.

3 Office Equipment 150 75,000

Cash 110 37,000
Accounts payable 210 38,000
To record the acquisition of office equip.

8 Accounts Payable 210 7,200

Cash 110 7,200
To record the payment of supplies
acquired last dec. 2

14 Salaries Expense 510 6,000

Cash 110 6,000
To record the payment of salaries.

20 Cash 110 20,000

Consulting Revenues 410 20,000
To record consulting revenues.

28 Salaries Expense 510 6,000

Cash 110 6,000
To record the payment of salaries.

30 Accounts Receivables 120 48,000

Consulting Revenues 410 48,000
To record revenues to be collected.

31 Tejero, Withdrawals 320 12,000

Cash 110 12,000
To record the withdrawal of Tejero.
2. POSTING

Cash 110 Accounts Receivable 120

Dec. 1 150,000 Dec.2 8,000 Dec. 30 48,000
Dec.20 20,000 Dec.3 37,000
Dec.8 7,200 P 48,000
Dec.14 6,000
Dec.28 6,000 Accounts Payable 210
Dec.31 12,000 Dec.8 7200 Dec.2 7,200
170,000 76,200 Dec.3 38,000
P 93,800
45,200
Supplies 140 P 38,000
Dec.2 7200
Tejero, Capital 310
P 7,200 Dec. 1 150,000

Office Equipment 150 P 150,000

Dec.3 75,000
Consulting Revenues 410
P 75,000 Dec. 20 48,000
Dec.30 20,000
Tejero, Withdrawals 320
Dec.31 P 12,000 P 68,000

P 12,000 Salaries Expense 510

Dec.14 6,000
Rent Expense 530 Dec.28 6,000
Dec. 2 P 8,000
P 12,000
P 8,000
 Tejero Tax Consulting Firm
Unadjusted Trial Balance
31-Dec-19
Account Title P.R Dr Cr
Cash 110 93,800
Accounts receivable 120 48,000
Supplies 140 7,200
Office equipment 150 75,000
Accounts Payable 210 38,000
Tejero, Capital 310 150,000
Tejero, Withdrawal 320 12,000
Consulting Revenues 410 68,000
Salaries Expenses 510 12,000
Rent Expense 530 8,000

256,000 256,000
 TEJERO TAX CONSULTING FIRM
WORKSHEET
DEC-31-2019
Unadjusted Trial balance Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet
Account Title Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr
Cash 110 93,800 93,800 93,800
Accounts receivable 120 48,000 48,000 48,000
Supplies 140 7,200 2,500 4,700 4,700
Office equipment 150 75,000 75,000 75,000
Accounts Payable 210 38,000 38,000 38,000
Tejero, Capital 310 150,000 150,000 150,000
Tejero, Withdrawal 320 12,000 12,000 12,000
Consulting Revenues 410 68,000 10,000 78,000 78,000
Salaries Expenses 510 12,000 1,800 13,800 13,800
Rent Expense 520 8,000 8,000 8,000
Total
Supplies Expense 530 2,500 2,500 2,500
Salaries Payable 220 1,800 1,800 1,800
Depreciation Expense 540 800 800 800
Accumulated Depreciation 155 800 800 800
Fees Receivable 130 10,000 10,000 10,000

Total P 256,000 P 256,000 15,100 15,100 268,600 268,600 25,100 78,000 243,500 190,600
52,900 52,900
78,000 78,000 243,500 243,500
 Tejero Tax Consulting Firm OWNER'S EQUITY
Income Statement Tejero, Capital Dec.31,2019 190,900
31-Dec-19
Total Equity 190,900
Revenues: 230,700
Consulting Revenues 78,000
Tejero Tax Consulting Firm
Expenses: Statement of Cash Flow
Salaries Expenses 13,800 31-Dec-19
Rent Expense 8,000 Cash flows from operating activities
Supplies Expense 2,500 Cash received from clients 20,000
Depreciation Expense 800 25,100 Payment to suppliers -7,200
Net Profit 52,900 Payment to employees -12,000
Payment for Office rent -8,000
Net cash provided by (-7,200)
Tejero Tax Consulting Firm (used in)operating activities
Statement of Changes in Equity
31-Dec-19 Cash flows from Investing Activities
Payments to acquire
Tejero, Capital as at Dec 1, 2019 150,000 office equipment -37,000
Net Income 52,900 Net Cash provided by (used in) -37,000
Total 202 900 Investing activities
Less: Withdrawals 12,000
Tejero Capital as at Dec 31,2019 190,900 Cash flows from financing activities
Cash Received as investment
Tejero Tax Consulting Firm by owner 150,000
Balance Sheet Payments for withdrawal by owner -12,000
31-Dec-19 Net Cash provided by (used in)
ASSETS Financing activities 138,000
Current Assets
Cash 93,800 Net Increase (Decrease) in Cash 93,800
Accounts receivable 48,000
Fees Receivable 10,000 Cash Balance at the Beginning of
Supplies 4,700 the period
Total current assets 156,500 Cash Balance at the end of the
period 93,800
Non Current Assets
Office equipment 75,000
Less: Accum. Depreciation 800
Total Non-current Assets 74,200
Total Assets 230,700

LIABILITIES
Current Liabilities
Accounts Payable 38,000
Salaries Payable 1,800
Total Current Liabilities 39,800
Total Liabilities 39,800
230,700