Seatwork Number 2

The company started business on June 6, 2013. The business was started with
P300,000. The transactions they engaged in during their first month of business are
below:
Date
June 8

Transaction
An amount of P50,000 was paid for six months of rent.

June 9

Equipment costing P100,000 was purchased using P40,000 cash. The

remaining amount of P60,000 is a one year note with an interest rate of 3.4%

June 10

Office supplies were purchased totaling P25,000 on account.

June 16

Received P39,400 in cash for services rendered to customers.

June 16

Paid the account for office supplies purchased June 10.

June 20

P63,900 worth of services were given to customers. Received cash amount of

P43,700. Customers promised to pay remaining amount of P20,200.

June 21

Paid employees wages for June 8-June 21. Wages totaled P23,500.

June 21

Received P20,200 in cash for services rendered to customers on June 20.

June 22

Received P6,300 in cash as advanced payment from customers.

June 27

Office supplies were purchased totaling P3,500 on account.

June 28

Electricity bill received totaling P1,850.

June 28

Phone bill received totaling P2,650.

June 28

Miscellaneous expenses totaled P4,320.

Prepare journal entries. Use a 2-column General Journal in recording the transactions
above.