John Bala established a sole proprietorship business and named it as Bala Graphics Design.

The following transactions took place on

December 2018.

Dec. 1 Bala started his new business by depositing P 350,000 in a bank account.
5 Computer equipment costing P 145,000 is acquired on cash basis.
9 Computer supplies in the amount of P 25,000 are purchased on account.
11 Bala Graphics Design collected P 88,000 in cash for designing interactive websites.
16 Bala paid P 18,000 to Bills Express for semi-monthly utilities.
17 The entity has service agreements with several Entrepreneurs to maintain and update their web sites weekly. Bala billed
these clients P 35,000 for services already rendered during the month.
19 Bala made a partial payment of P 17,000 for the Dec. 9 purchase on account.
20 Checks totaling P 25,000 were received from clients for billings dated Dec. 17.
21 Bala withdrew P 20,000 from the business for personal use.
27 Bala paid P 8,000 worth of newspaper advertisements for this month to Loqueloque Publishing.
31 Bala paid his assistant designer salaries of P 15,000 for the month.

REQUIRED:

A. Established the following accounts in a financial transaction worksheet.

B. Compute the ending balances for all accounts.

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