A.

Miranda Invests P300,000 in the business

Debit: Cash P300,000
Credit: Miranda, Capital P300,000
B. Acquired office equipment for P100,000, Miranda paid P20,000 in
cash and promised to pay the balance equally every end of month
Debit: Office Equipment P100,000
Credit: Cash P20,000
Credit: Accounts Payable P80,000
C. Paid rent for December, P5,000
Debit: Rent Expense P5,000
Credit: Cash P5,000
D. Provided shopping services for corporate accounts, P52,000
Debit: Accounts Receivable P52,000
Credit: Shopping Revenues P52,000
E. Paid telephone bill, P900
Debit: Utilities Expense P900
Credit: Cash P900
F. Borrowed cash from the bank by signing a note payable, P50,000
Debit: Cash P50,000
Credit: Notes Payable P50,000
G. Bought a computer for office use, P48,000 cash
Debit: Office Equipment P48,000
Credit: Cash P48,000
H. Collected cash from clients for services performed on account,
P40,000
Debit: Cash P40,000
Credit: Accounts Receivable P40,000
I. Paid commissions to shoppers for revenues generated during the
first half of the month, P18,200
Debit: Commission expense P18,200
Credit: Cash P18,200
J. Paid Electricity Bill, P6,000
Debit: Utilities Expense P6,000
Credit: Cash P6,000
K. Earned shopping revenues of P132,000: P60,000 cash, P72,000 on
account
Debit: Cash 60,000
Debit: Accounts Receivable P72,000
Credit: Shopping Revenues P132,000

L. Paid shoppers commissions for last half of month, P46,200

Debit: Commission Expense P46,200
Credit: Cash P46,200
M. Paid transportation allowances for the moth, P15,000
Debit: Transportation Expense P15,000
Credit: Cash P15,000
N. Paid P10,000 on note payable to bank
Debit: Notes Payable P10,000
Credit: Cash P10,000
O. Paid cash on account for the office equipment purchased in
transaction (b), P20,000
Debit: Accounts Payable P20,000
Credit: Cash P20,000
P. Miranda withdrew P20,000 for personal use
Debit: Miranda, withdrawals P20,000
Credit: Cash P20,0000