Reference no: EM132636319

Juan Dela Cruz is a painting contractor. During the month of June, 2020, he completed the following transactions:

June 2 Invested painting equipment valued at P20,000 and placed P75,000 in a business checking account.

June 3 Acquired a service vehicle costing P100,000. Paid P60,000 cash and signed a note for the balance.

June 4 Purchased painting supplies on account for P4,000.

June 5 Completed a painting job and billed the customer P5,000.

June 7 Received P2,500 cash for painting an apartment room. June 10 Purchased painting supplies for P2,000 cash. June 11 Received a P5,000 check from the customer billed on June 5.

June 12 Paid P4,800 for an insurance policy for a one-year coverage.

June 13 Billed a customer P7,000 for a painting job.

June 14 Paid the assistant P2,000 for twenty-five hours' work.

June 15 Paid P1,000 for a tune-up of the service vehicle.

June 18 Paid for the painting supplies purchased on June 4.

June 20 Purchased a new ladder for P7,000 and painting supplies for P3,000, on account.

June 22 Received a telephone bill for P700, due next month.

June 23 Received P3,500 in cash from the customer billed on June 13.

June 24 Transferred P4,000 to a personal checking account.

June 25 Received P4,000 in cash for painting a two-room apartment.

June 27 Paid P2,500 on the note signed for the service vehicle on June 3.

June 29 Paid the assistant P2,000 for thirty-hours' work. The following accounts are used by the business: Cash; Accounts Receivable; Painting Supplies; Prepaid Insurance; Painting Equipment; Service Vehicle; Notes Payable; Accounts Payable; Dela Cruz, Capital; Dela Cruz, Withdrawals; Painting Revenues; Wages Expense; Utilities Expense; and Maintenance Expense. Required:

Problem 1. Prepare the trial balance as fast as possible