Reference no: EM132550603
Question - In December of the current year, the following transactions to place
Dec 2 Nestor Martel invested P60,000 cash to start his law practice.
Dec 4 A one-year insurance effective December 2 was paid, P6,000.
Dec 6 Office furniture worth P15,000 was purchased on account from EZ Furniture Company.
Dec 8 Office and computer supplies costing P2,500 was bought for cash.
Dec 11 Received from City Bank P60,000 for loan applied to be used in his law practice.
Dec 14 Purchased on credit a desktop computer and printer for office use worth P60,000 for Micro Systems Inc.
Dec 16 Received P12,500 cash for legal services rendered to Jose Lopez.
Dec 18 Paid P1,000 for Miscellaneous expenses incurred.
Dec 20 Received P10,500 cash for legal services rendered to clients.
Dec 22 Advertising placed on a local paper for three months effective December 1, was paid, P3,600.
Dec 25 Micro Systems, Inc. was partially paid, P45,000.
Dec 26 Collected accounts from various clients, P7,500.
Dec 27 Light, water and telephone use for the month of December was paid to the property-owner, P1,500 (Utilities expense)
Dec 28 The salary of the legal secretary was paid, P5,500.
Dec 29 Nestor Martel withdrew P12,000 for personal use.
Dec 30 Received P5,000 for legal services rendered.
Required -
a. Journalize the above transactions in the general journal.
b. Post each journal entry to the general ledger.