1 2 5 9 PROBLEM 1 Emerita Modesto established the EM Data Encoders on July 2019. The following transactions occurred during the month JULY TRANSACTIONS Emerita Modesto invested P157,000 cash to establish the business Bought office desks and filing cabinet for cash, P15,150. The owner invested in the business her personal computer with a fair value of P57.500 Bought computer software on account for use in the business from Dela Torre Computer Center for P39,000 the balance is due in thirty days. Paid rent for the month, P5,300 Received bill for advertising from Buy and Sell newspaper, P3,320 Bought print paper and stationery on account, P2,290. 22 Received and paid electric bill, P1.240. 23 Paid bill for advertising recorded previously last July 12. Received cash for services rendered, P10,900. 29 Paid salaries to employees, P8,400. Emerita Modesto withdrew cash for personal use, P4,500. 11 12 18 27 30