Reference no: EM132932812

Problem - Analyze and journalize the transactions of ML Bookkeeping Services for the month of October 2020 and post it to ledger.

Oct 01 Mr. Manny Lim, the owner of ML Bookkeeping Services, invested P150,000 cash

Oct 03 The business purchased computer equipment for P17,000 cash

Oct 04 Purchased computer paper and supplies expected to last several months from Binondo Paper Products for P6,000 on account

Oct 07 ML received P12,000 from customers for bookkeeping services

Oct 10 ML received a bill for P2,500 for advertising its business but pays the bill on a later date

Oct 11 ML provided bookkeeping services worth P3,500 for customers and received cash of P1,500, with  the balance payable on account

Oct 15 Paid rent for September P10,000, electricity P12,000 and salaries of employees P9,000

Oct 15 Paid rent, P2,500

Oct 25 Received P600 from customer on account

Oct 29 Manny Lim withdrew P13,000 from the business for personal use.