Activity : JOURNALIZING AND POSTING

Entity A had the following transactions during the period:

1. Owner contributed ₱1,000,000 to the business.

2. Purchased office supplies worth ₱300,000 on account.

3. Rendered services worth ₱500,000, on cash basis.

4. Rendered services worth ₱800,000, on account.

5. Paid ₱100,000 accounts payable.

6. Collected ₱700,000 accounts receivable.

7. Purchased equipment worth ₱58,000.

8. The owner's drawings amounted to ₱10,000.

 9. Paid salaries expense of ₱70, 000.00

10. Paid interest expense of ₱5, 000.00

Requirements:

a. Provide the journal entries

b. Post the entries to the ledger (use T- accounts)