P50,00025,000Building 60,00060,000P5,0002,5001,1002,5502,4801,2005,000P100,000P500,000Cash EquipmentExercises1. Atty. Evangelista, a young lawyer, completed the following transaction during October of thecurrent year:Oct. 1- Began the practice of law by investing P20, 000 in cash and a law library having a fairToolsLandP12,000P200,000value of P130, 000.2- Purchased P32, 000 office equipment, paying P5, 000 down and giving a promissorynote for the balance.8,000Advances from.Mortgage4- Purchased P1, 350 office supplies and P25, 000 office equipment from Hernan'strading on credit.Payable TenantP20,0006,0001,5502,5002,00020,0002,500|1.2501,1005,000P200,000P25.0005- Completed legal work and received P4, 500 cash.10 - Paid the salary of the secretary, P5, 000.15 - Completed legal work from R. Moore on credit and billed him, P45, 000. 15Rents EamedDue to ABC Co.Paid the salary of the secretary, P5, 000.ww18 Paid Hernan's trading.P60.000P2,000P12,00060,00025 Received P15, 000 from R. Moore as partial settlement of his account.28 Atty. Evangelista withdrew P8, 000 cash for personal use.30 Billed R. Moore P10, 500 for additional legal service rendered.AdvertisementsP2,5001,250Utilities EarnedP5,000.2,50031 Paid the salary of the secretary P5, 000.LACATRequired:Garbage ExpenseP1.100General ExpenseP2,550,Insurance ExpenseP2,480Journalize the foregoing transactions using a general journal.2. Mr. Leo Cruz opened a car rental business; transactions for the first month of the operationare the following:1,100Interest ExpenseP1.200Salaries and WagesRepairs1 - Mr. Leo Cruz invested P80, 000 cash and five automobiles worth P200, 000 each.Notes payable to Grand Prix Motor Co. worth P600, 000 were due on the threePB.000Oct.P5,0005,000SuperintendenceP6,000-Supplies uşed Taxes ExpenseP2,500cars.3-P1,550.Paid a local newspaper for advertising the opening of the businessP150.Paid office rent for the month P8, 000.4-E.T Co. capital7-Cash received from customers for the week, P42, 000.9 -Gas and oil bills paid, P4, 200.P650,00010Partial payments on notes payable, P50, 00014 ar rentalreceived, P38, 000.Instruction:Gas and oil bills paid, P3, 800.19 Ofice supplies bought for cash, P1, 800.0815 -20 -Car rental received, P35, 000.Get the balances of each account and prepare a trial balance for E.T Co.21 Sent a bill to R. Hernandez, P2, 500 for car service rendered at his wedding.23 - Gas and oil bills paid, P1, 800.25 Paid P15, 000 for repairs of automobiles.28 Cash received from customers for the week, P31, 000.4. The Following accounts balances are found in the ledger of Virgil Dry Cleaning on December 31,200_P 4,00015,0003,5008,00019,70012,500Licenses and Taxes29 CollectedP1, 000 from R. Hernandez as partial settlement of his account.30 Paid the attendant's salary, P4, 000.31 Leo Cruz withdrew P6, 000 from the business from personal use.Required:a. Journal entriesb. Posting to the general ledger.Notes ReceivableOffice ExpenseRent ExpenseOffice EquipmentAccounts Payable - XYZ Co.Accounts Receivable - RegencyHotel9,0003. The following are the ledger balances of E.T Co. owner of an apartment building. Prepare aAccounts Receivable - Medicaltrail balance from these ledger balances:CityAccounts Receivable - City Hotel7,0005,000Furniture& PAMPANGAVirgilio Inlavo, capitalVirgilio lolavo, personal327,00030,0005,00050,000200,000Cash on HandCash in BankCleaning EquipmentInsurance ExpenseNotes PayableDelivery TruckCleaning Supplies Used1,50020,00078,00021,0005,00048,0008,900159,100UtilitiesSalariesGas and Oil ExpenseDry Cleaning IncomeCITRequired: Create the Trial Balance5. The following transactions occurred in the first month of operation of the "At-Your-Service Motor-Shop".Jan. 2- The owner, A. Moreno, invested P10, 000 cash to start the business.6 – Bought for cash repair equipment worth P45, 0007- Paid P3,550 for repair supplies bought.9- Cash of P2, 500 was received from a costumer for repair service done on his automobile.12 - Sent a bill for P9, 500 to R. Fernandez for repair work done on his delivery truck.15 – Paid for the tools ordered and received, P4, 550.17 - Paid the wages of the shop helper, P2, 500.20 – Bought repairs supplies, from ABC Trading worth P7, 800 on credit.22 - Collected P2, 500 from R. Fernandez as partial settlement of his account.25 – Gave P2, 800 cash to ABC Trading as partial settlement of the account due to it.29 – Received P25, 000 from various customers for repair services rendered.30 - Paid the rent of the shop, P8, 000.30 – Paid the wages of the shop helper, P2, 500.Required:1. Journal Entries2. Postings to the General Ledger20083. Trial Balance

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Description: P50,00025,000Building 60,00060,000P5,0002,5001,1002,5502,4801,2005,000P100,000P500,000Cash EquipmentExercises1. Atty. Evangelista, a young lawyer, completed the following transaction during October of thecurrent year:Oct. 1- Began the practice of la

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P50,00025,000Building 60,00060,000P5,0002,5001,1002,5502,4801,2005,000P100,000P500,000Cash EquipmentExercises1. Atty. Evangelista, a young lawyer, completed the following transaction during October of thecurrent year:Oct. 1- Began the practice of law by investing P20, 000 in cash and a law library having a fairToolsLandP12,000P200,000value of P130, 000.2- Purchased P32, 000 office equipment, paying P5, 000 down and giving a promissorynote for the balance.8,000Advances from.Mortgage4- Purchased P1, 350 office supplies and P25, 000 office equipment from Hernan'strading on credit.Payable TenantP20,0006,0001,5502,5002,00020,0002,500|1.2501,1005,000P200,000P25.0005- Completed legal work and received P4, 500 cash.10 - Paid the salary of the secretary, P5, 000.15 - Completed legal work from R. Moore on credit and billed him, P45, 000. 15Rents EamedDue to ABC Co.Paid the salary of the secretary, P5, 000.ww18 Paid Hernan's trading.P60.000P2,000P12,00060,00025 Received P15, 000 from R. Moore as partial settlement of his account.28 Atty. Evangelista withdrew P8, 000 cash for personal use.30 Billed R. Moore P10, 500 for additional legal service rendered.AdvertisementsP2,5001,250Utilities EarnedP5,000.2,50031 Paid the salary of the secretary P5, 000.LACATRequired:Garbage ExpenseP1.100General ExpenseP2,550,Insurance ExpenseP2,480Journalize the foregoing transactions using a general journal.2. Mr. Leo Cruz opened a car rental business; transactions for the first month of the operationare the following:1,100Interest ExpenseP1.200Salaries and WagesRepairs1 - Mr. Leo Cruz invested P80, 000 cash and five automobiles worth P200, 000 each.Notes payable to Grand Prix Motor Co. worth P600, 000 were due on the threePB.000Oct.P5,0005,000SuperintendenceP6,000-Supplies uşed Taxes ExpenseP2,500cars.3-P1,550.Paid a local newspaper for advertising the opening of the businessP150.Paid office rent for the month P8, 000.4-E.T Co. capital7-Cash received from customers for the week, P42, 000.9 -Gas and oil bills paid, P4, 200.P650,00010Partial payments on notes payable, P50, 00014 ar rentalreceived, P38, 000.Instruction:Gas and oil bills paid, P3, 800.19 Ofice supplies bought for cash, P1, 800.0815 -20 -Car rental received, P35, 000.Get the balances of each account and prepare a trial balance for E.T Co.21 Sent a bill to R. Hernandez, P2, 500 for car service rendered at his wedding.23 - Gas and oil bills paid, P1, 800.25 Paid P15, 000 for repairs of automobiles.28 Cash received from customers for the week, P31, 000.4. The Following accounts balances are found in the ledger of Virgil Dry Cleaning on December 31,200_P 4,00015,0003,5008,00019,70012,500Licenses and Taxes29 CollectedP1, 000 from R. Hernandez as partial settlement of his account.30 Paid the attendant's salary, P4, 000.31 Leo Cruz withdrew P6, 000 from the business from personal use.Required:a. Journal entriesb. Posting to the general ledger.Notes ReceivableOffice ExpenseRent ExpenseOffice EquipmentAccounts Payable - XYZ Co.Accounts Receivable - RegencyHotel9,0003. The following are the ledger balances of E.T Co. owner of an apartment building. Prepare aAccounts Receivable - Medicaltrail balance from these ledger balances:CityAccounts Receivable - City Hotel7,0005,000Furniture& PAMPANGAVirgilio Inlavo, capitalVirgilio lolavo, personal327,00030,0005,00050,000200,000Cash on HandCash in BankCleaning EquipmentInsurance ExpenseNotes PayableDelivery TruckCleaning Supplies Used1,50020,00078,00021,0005,00048,0008,900159,100UtilitiesSalariesGas and Oil ExpenseDry Cleaning IncomeCITRequired: Create the Trial Balance5. The following transactions occurred in the first month of operation of the &#34;At-Your-Service Motor-Shop&#34;.Jan. 2- The owner, A. Moreno, invested P10, 000 cash to start the business.6 – Bought for cash repair equipment worth P45, 0007- Paid P3,550 for repair supplies bought.9- Cash of P2, 500 was received from a costumer for repair service done on his automobile.12 - Sent a bill for P9, 500 to R. Fernandez for repair work done on his delivery truck.15 – Paid for the tools ordered and received, P4, 550.17 - Paid the wages of the shop helper, P2, 500.20 – Bought repairs supplies, from ABC Trading worth P7, 800 on credit.22 - Collected P2, 500 from R. Fernandez as partial settlement of his account.25 – Gave P2, 800 cash to ABC Trading as partial settlement of the account due to it.29 – Received P25, 000 from various customers for repair services rendered.30 - Paid the rent of the shop, P8, 000.30 – Paid the wages of the shop helper, P2, 500.Required:1. Journal Entries2. Postings to the General Ledger20083. Trial Balance

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