Reference no: EM133043288

Question - Mr. Bomin Choi established Choi Bookkeeping Services and had the following transactions for the month of February:

February 4 Investment of P150,000 cash fund by Mr. Choi into the business.

February 7 Received a Charge Invoice from a supplier for the purchase of a desktop computer amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of P2,500 thereafter.

February 9 Purchased supplies amounting to P18,000 in cash.

February 15 Paid P6,000 insurance for six months.

February 18 Issued a Service Invoice for an amount of P50,000 to a customer for services rendered on account.

February 19 Received P35,000 cash from customers in payment of their account.

February 20 Paid in cash and received an official receipt from the supplier for payment of accounts, P20,000.

February 21 Rendered services to customers billed for P30,000.

February 28 Cash payment of P15,000 for the salary of an employee.

February 28 Mr. Choi withdrew P12,000 cash from the business.

February 28 Paid the telephone bill for February amounting to P3,000.

February 28 Supplies remaining on hand worth P15,000.

Required -

1. Prepare the necessary journal entries.

2. Prepare the trial balance.

3. Prepare the financial statements.

4. Record and post the closing entries.