Reference no: EM132961117

Question - Mr. Mike Benter opened the Benter Servicing on June 1, 2019 with the following investments:

Cash 300, 000 Php

Machinery 200, 000 Php

On the same day Mr. Benter paid the following pre-operating expenses:

Business permits and other taxes P 10, 000

Rental for the next 3 months 15, 000

The following transactions occurred during June, 2019:

June 2- Deposited P 250, 000 at Metro Bank.

June 3- Rendered repair service to a customer and was paid by a note, P 3, 000.

June 5- Bought shop supplies, P 2, 000, and office supplies, P 3, 000 on account.

June 7- Received advances from customer, P 1, 000 for repair of equipment.

June 8- Purchase office equipment costing P 15, 000 on account.

June 10- Received notes from customer for services rendered, P 15, 000 with 10% interest payable 30 days after date of note.

June 12- Collected the account on June 3 transaction.

June 14- Paid Bombo Radio Philippines for the cost of advertising, P10, 000 thru the issuance of check.

Deposited the amount collected on June 7 and June 12 trasactions.

June 15- Paid the following expenses thru the issuance of check:

Electricity Bill P 2, 000

Water Bill 3, 000

WIFI and Telephone connection 5, 000

June 17- Rendered repair services to the customer who made advance deposit on June 7, 2019.

June 20- Rendered various maintenance and repair services:

Cash basis P 12, 000

Credit basis 20, 000

June 28- Paid the salaries and wages of shop workers for the month, P 15, 000, from the available cash on hand.

Required -

1. Prepare the journal entries.

2. Adjust all accounts that needs to be adjusted.