1. On Jan 4, 2016, received PHP20,000 from a customer in payment for services rendered.

2. Payment to X Supplier amounting to PHP4,000 for office supplies purchased on Jan 3, 2016.
3. Maria invested PHP60,000 on Jan 18, 2016 to start a barbershop in Iligan City.
4. On Jan 3, 2016 paid PHP10,000 rental amount for the month of Jan 2016.
5. On Jan 15, 2016, Peter Pawn withdrew PHP30,000 from his business to pay for the tuition of
his son.
6. Collected PHP20,000 of the accounts receivable from Malakas Company on Jan 17, 2016.
7. Paid the salary of the office secretary amounting to PHP15,000 on Jan 18, 2016.
8. Purchased office equipment worth PHP20,000 by paying 40% down payment and the balance
on account.
9. Paid PHP2,000 of the accounts payable on Jan 28, 2016.
10. Rendered services to clients on Jan 18, 2016 amounting to
PHP15,600.
Nestor Martel, a lawyer decided to open a law firm named Martel Law Firm. In
December of the current year, the following transactions took place:
Dec 2  Nestor invested P60,000 cash to put up his law firm.
      4  A one-year insurance effective December 1 was paid, P6,000.
      6  Office furniture costing P15,000 was purchased on account from EZ Furniture
Company.
      8  Office supplies costing P2,500 was bought for cash.
    11  Received from City Bank P60,000 for loan applied to be used in his law practice.
    14  Purchased on credit a desktop computer and printer for office use costing          
P60,000 from Micro System, Inc.
   16   Received P12,500 cash for legal services rendered to Jose Lopez.
   18   Paid P1,000 for Miscellaneous expenses incurred.
   20   Received P10,500 cash for legal service rendered to clients.
   22   Advertising placed on a local paper for three months effective December 1 was   
paid, P3,600.
   24   Various clients were billed for legal services rendered, P16,400.
   25   Micro System, Inc. was partially paid, P45,000.
   26   Collected the accounts from various clients, P7,500.
   27   Light, water, and telephone expenses for the month of December was paid to      
the owner of the property, P1,500. (Utilities expense)
   28   The salary of the secretary was paid, P5,500.
   29   Nestor Martel withdrew P12,000 for personal use.
   30   Received P5,000 for legal services rendered.
 
Required:
1. Journalize the above transactions in the general journal.
2. Post each journal entry to the general ledger.
3. Prepare trial balance at December 31, 2017.
General Journal Page 1
 Page 1
Date Explanation Post Ref. Debit Credit
Dec. 2 Cash 60,000
Nestor Capital 60,000
4 Prepaid Insurance 6,000
Cash 6,000
6 Office Furniture 15,000
Accounts Payable 15,000
8 Office Supplies 2,500
Cash 2,500
11 Cash 60,000
Loan Payable 60,000
14 Accounts Receivable 60,000
Computer and printer 60,000
16 Cash 12,500
Service Revenue 12,500
18 Miscellaneous Expenses 1,000
Cash 1,000
20 Cash 10,500
Service Revenue 10,500
22 Advertising Expenses 3,600
Cash 3,600
24 Cash 16,400
Service Revenue 16,400
25 Cash 45,000
Accounts Payable 45,000
26 Account Receivable 7,500
Cash 7,500
27 Utility expenses 1,500
cash 1,500
28 Salary expenses 5,500
cash 5,500
29 Nestor, Withdrawals 12,000
cash 12,000
General Journal Page 1
Date Explanation Post Ref. Debit Credit
Dec. 2 Cash 60,000
Nestor Capital 60,000
4 Prepaid Insurance 6,000
Cash 6,000
6 Office Furniture 15,000
Accounts Payable 15,000
8 Office Supplies 2,500
Cash 2,500
11 Cash 60,000
Loan Payable 60,000
14 Accounts Receivable 60,000
Computer and
printer 60,000
16 Cash 12,500
Service Revenue 12,500
18 Miscellaneous Expenses 1,000
Cash 1,000
20 Cash 10,500
Service Revenue 10,500
22 Advertising Expenses 3,600
Cash 3,600
24 Cash 16,400
Service Revenue 16,400
25 Cash 45,000
Accounts Payable 45,000
26 Account Receivable 7,500
Cash 7,500
27 Utility expenses 1,500
cash 1,500
28 Salary expenses 5,500
cash 5,500
29 Nestor, Withdrawals 12,000
cash 12,000
30 Cash 5,000
Service Revenue 5,000
30 Cash 5,000
Service Revenue 5,000
Date Explanation Post Ref. Debit Credit