Reference no: EM132538206

In December of the current year, the following transactions to place

Dec 2 Nestor Martel invested P60,000 cash to start his law practice.

4 A one-year insurance effective December 2 was paid, P6,000.

6 Office furniture worth P15,000 was purchased on account from EZ Furniture Company.

8 Office and computer supplies costing P2,500 was bought for cash.

11 Received from City Bank P60,000 for loan applied to be used in his law practice.

14 Purchased on credit a desktop computer and printer for office use worth P60,000 for Micro Systems Inc.

16 Received P12,500 cash for legal services rendered to Jose Lopez.

18 Paid P1,000 for Miscellaneous expenses incurred.

20 Received P10,500 cash for legal services rendered to clients.

22 Advertising placed on a local paper for three months effective December 1, was paid, P3,600.

25 Micro Systems, Inc. was partially paid, P45,000.

26 Collected accounts from various clients, P7,500.

27 Light, water and telephone use for the month of December was paid to the property-owner, P1,500

(Utilities expense)

28 The salary of the legal secretary was paid, P5,500.

29 Nestor Martel withdrew P12,000 for personal use.

30 Received P5,000 for legal services rendered.

Required:

Question 1: Journalize the above transactions in the general journal.

Question 2: Post each journal entry to the general ledger.