Atty Angel Bautista put up a law office on May, 2020.

Below are the transactions completed by

the A Bautista Law Office during the month of May.

May 1 A. Bautista invested cash 5,000 and office equipment valued at 5,000 to start
the business.
4.Paid the month’s rent to Alfonso’s Building P2,000.
7 Paid taxes and licenses to the City Treasurer, P500.
8. Purchased office furniture from Acme Furniture, 1,500 paying 500 down
balance in 10 days.
10. Purchased office supplies, 300 from Good office supplies on cash basis.
15. Received 1,500 for services rendered from various clients.
18. A Bautista made an additional cash investment of 10,000.
19. Billed National Enterprises for accounting services rendered 1,800.
20. Paid Acme Furniture, 500.
21. Purchased one unit typewriter from IBM Sales, 8,020. Terms 50% down, the
balance on account.
26.Collected 1,000 from National Enterprises.
28. Paid the balance to Acme Furniture in full.
29. Collected the balance of National Enterprises in full.
31. Paid the account to IBM Sales in full
31. Received from various clients, 3,000 for services rendered

Required:
1. Analyze the following transactions using T accounts.
2. Prepare trial balance
3. Prepare Income statement, statement of owner’s equity and statement of financial
position.