Reference no: EM132751078
Problem 1: Prepare reversing entry:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2019. The transactions of the firm are as follows:
Dec. 1 Detoya invested P150,000 in the firm.
2 Paid rent for December to Recoletos Realty, P8,000.
2 Purchased supplies on account, P7,200.
3 Acquired P75,000 of office equipmeent, paying P37,000
down with the balance due in 30 days.
8 Paid 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 assistant's salaries for two weeks, P6,000.
30 Billed clients for December consulting services, P48,000.
31 Detoya withdrew P12,000 from the business.
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