I.

Prepare the journal entries of the following transactions of ABBA Services for the month
of February 2020.

February 1 ABBA made an additional investment of P150,0OO cash

February 4 Rendered services on account to Edna, customer, amounting toP65,000;

terms of payment; 10% downpayment and the balance at the end of the month

February 6 Paid the rental for the month, P5,000

February 10 Purchased office supplies from National Bookstore with cash amounting to
P1,500

February 15 Paid the salary of employees, P15,000

February 18 Rendered services for cash, P10,000

February 20 Rendered services on account, P40,000

February 25 Collected the balance from Edna in February 4 transaction

February 28 Withdrew P500 for personal use

February 28 Paid the salary of employees, P15,000

February 28 Partial collection from February 20 transaction, P25,000

February 28 Paid the electric bill for the month, P2,300

CHART OF ACCOUNTS

CASH SERVICE INCOME

ACCOUNTS RECEIVABLE RENT EXPENSE

OFFICE SUPPLIES SALARY EXPENSE

ABBA, CAPITAL ELECTRIC EXPENSE

ABBA, WITHDRAWAL