JOURNAL ENTRIES

The accounts and transaction of AIKO E. LARA, Systems Consultant, for December 2017, are shown below:

December1 Invested P 150 000 in cash to start the business.

December 3 Paid P 7 500 for one month’s rent.

December 6 Bought office furniture for P 26 000 in cash.

December 7 Performed services for P 10 500 in cash.

December 8 Performed services for P 12 750 on credit.

December 10 Bought a desktop computer for P 55 000; paid 50% down, balance in 30 days.

December 11 Acquired a copier for P 39 500 on credit; paid P 9 500 cash, balance due in 30 days. This copier
is used for personal purposes.

December 13 Received P 7 000 from credit clients.

December 15 Bought additional office chairs for P 8 000 on credit.

December 17 Issued a check for P 32 500 to pay for salaries.

December 18 Performed services for P 11 500 on credit.

December 20 Performed services for P 10 250 in cash.

December 21 Collected P 6 000 on accounts receivable.

December 24 Issued a check for P 4 000 in partial payment of the amount owed for office chairs.

December 26 Paid P 2 500 for the monthly electric bill.

December 28 Paid P 2 250 for the monthly telephone bill.

December 29 Withdraw cash P 10 000 in cash for personal expenses.

Required: Journalize the transactions above

Use the following accounts: Cash; Accounts Receivable; Office Furniture; Office Equipment; Accounts
Payable; LARA, Capital; LARA, Withdrawals; Consulting Revenues; Salaries Expense; Rent Expense; Utilities
Expense and Miscellaneous Expense.