1: Prepare a T-account of the business transactions 1. MicroHard, invests P200,000 to start a computer software developer. 2. MicroHard buys equipment on credit, P100,000. 3. MicroHard bought Office Supplies for cash, P62,000 4. Paid partial on equipment bought on account, P60,000 5. MicroHard received a bank loan for business use, P100,000 6. Customers pay cash for service rendered, P25,000 7. Services rendered on account, P50,000 8. Paids a months rent P10,000 9. MicroHard collects partial from customers account, P30,000 10. MicroHard pays the salaries and wages for employees, P15,000 11. Billed a customer, P6,000; P2,000 was partially received. 12. Supplies purchased, P15,000 and P5,000 was partially paid. 13. Office Supplies used and paid, P18,000 14. Withdrew P20,000 for personal use. Assignment 2: Complete the sentence by writing either DEBIT or CREDIT: 1. DEBIT accounts receivable when you render service on accounts. 2. __________accounts payable when you pay your account. 3. __________cash when you pay expenses. 4. __________cash in bank when you deposit money in the bank. 5. __________capital when the owner makes an investment. 6. __________drawing when the owner withdraws money from the business. 7. __________salaries expenses when employees are paid their salaries. 8. __________cash on hand when you render services for cash. 9. __________accounts payable when you buy equipment on account. 10. _________notes receivable when you receive note for services rendered. 11. _________notes receivable when it is paid. 12. _________capital when the owner makes an additional investment. 13. _________service income when you render service for cash. 14. _________service income when you render service on account. 15. _________accounts receivable when you collect an account. 16. _________salaries payable when you pay the salaries unpaid last month. 17. _________due from customers when you render service on account. 18. _________advances to employees when the employees make vales. 19. _________advances to employees when their vales are deducted from their salaries at the end of the month. 20. _________accounts payable when you return defective furniture to the seller