Date Particulars Debit Credit

2020
Jan 1 Cash P100,000
Dr. Who, Capital P100,000
to record initial investment

2 Taxes and license 7,500

Cash 7,500
to record payment of business permit

3 Equipment 20,000
Cash 20,000
to record purchase of computer

4 Furniture and Fixture 15,000

Accounts Payable 15,000
to record purchase of furniture and fixture
on account

5 Cash 30,000
Notes Payable 30,000
to record borrowed cash from a bank

6 Cash 35,000
Professional Fees/Service Income 35,000
to record rendered service income

7 Notes Receivable 21,000

Professional Fees/Service Income 21,000
to record rendered service owed by customer

8 Cash 21,000
Notes Receivable 21,000
to record collection of payment of customers

9 Rent Expense 10,000

Utilities Expense 2,500
Salaries Expense 15,000
Cash 27,500
To record payment of expense

10 Dr. Who, Drawing 3,000

Cash 3,000
to record withdrawals