Albert Tejero, tax consultant, began his practice on Dec. 1, 2009.

The transactions of the firm are as follows: Dec. 1 2 2 3 8 14 20 28 30 31 Tejero invested P150,000 in the firm. Paid rent for December to Abra Realty, P8,000. Purchased supplies on account, P7,200. Acquired P75,000 of office equipment, paying P37,000 down with the balance due in 30 days. Paid P7,200 on account for supplies purchased. Paid assistant s salaries for two weeks, P6,000. Performed consulting services for cash, P20,000. Paid assistant s salaries for two weeks, P6,000. Billed clients for December consulting services, P48,000. Tejero withdrew P12,000 from the business.

Joel Feliciano has started his own business, Property Appraisals. He inspects property for buyers and sellers of real estate. Feliciano rents office space and has a part-time assistant to answer the phone and to help with inspections. The transactions for the month of September are as follows:

a. Feliciano invested cash by making a deposit in a bank account for the business, P150,000. b. Paid rent for the month, P3,000. c. Bought a second-hand service vehicle for cash, P80,000. d. Bought service tools on account, P30,000. e. Paid electricity bill, P500. f. Paid a one-year insurance premium on the service vehicle, P6,000. g. Received cash from clients for service performed, P20,000. h. Paid salaries to assistant for first half of the month, P2,000. i. Performed appraisal services for clients on account, P10,000. j. Paid water bill, P350. k. Bought office supplies for cash, P1,000. l. Received cash from clients for inspections performed on account in (i), P3,000. m. Paid salaries to assistant for last half of the month, P2,500. n. Made partial payment on service tools bought in (d), P10,000. o. Additional revenues earned amounted to P20,000: P14,000 for cash and P6,000 on account. p. Feliciano withdrew cash for personal expenses, P5,000.