ACTIVITY A (Journalizing)1. Journalize the transactions with a short explanation using a two column journal. A Filipino-chinese entrepreneur, Malou Sog registered a sole proprietor laundry business named Malinis Wash &Fold Laundry were she is also the manager. The business named started June, 2020 and following are the transactions completed.June 1 - Malou Sog opened a bank account in the name of Malinis Dry & Fold Laundry Shop & deposited cash of P380,000.00 as initial investment. 2 - Bought on account from Sally Kho two (2) units of washing machine at P 40,000 each. 4 - Purchased from Cleanser Co. the following items for cash: Fabric Softener P28,000.00 Liquid Soap 32,000.00 5 - Malou Sog transferred her personal cash register machine in the business having a market value of P22,000.00 6 - Paid space rental for the month, P10,000. 7 - Purchased from Cole Lat on credit one (1) air conditioning unit, P35,000. Terms:60% downpayment & the balance payable on June 20, 2010. 8 - Returned bottles of discolored fabric softener & liquid soap purchased last June 4 worth P4,500. 9 - Purchased from Mahusay Appliance Center three (3) units of cloth dryer on account at P45,000 and issued promissory note. 10 - Purchased the following items from Manila Appliance Center. Terms: 30% downpayment & the balance payable in two equal instalments every end of the month.Cabinets & Lockers-------------------------- P6,000Chairs & Tables------------------------------- 8,400Three (3) units of Flat Iron & Board----- 4,400One unit (1) of computer w/ printer---- 40,000Two (2) units of Calculator---------------- 1,200 11 - Bought scissors, stapler, scotch tape & paper clips, P850. 12 - Received P 50,000 cash from Cory Pot Financing Co. & issued non interest bearing promissory note. 14 - Paid salaries of employees for the first half of the month, P12,000. 15 - Recorded the P60,000 cash proceeds from laundry services rendered from June 1-15, 2005. 16 - Purchased vacuum cleanser for dry cleaning services use. P8,500. 17 - Paid P5,000 for purchased of pads of invoices & receipts, staple wire, bond paper & doz. of ballpen. 19 - Charged Holiday Inn for the laundry services of hotel's linen, P45,000. 20 - Paid Cole Lat the full amount of the balance. 21 - Paid 40% of the amount to Cory Pot Financing Co. dated June 12. 22 - Rendered dry cleaning services of curtains & sent an invoice to customer, P15,000. 23 - Returned one unit of defective dryer purchased last June 9, 2010 worth P12,000. 24 - Paid Sally Kho in full. 25 - Collected 40% from Holiday Inn. 26 - Paid in full the item(s) purchased on account from Mahusay Appliance Center, dated June 9. 27 - Purchased additional liquid soap & disinfectant on credit, P8,500. 28 - Paid miscellaneous expenses incurred during the month, P3,500. 29 - Malou Sog withdrew P10,000 cash to pay her personal credit. 29 - Received the following bills fromPLDT--------------------------------- P1,250.00MERALCO-------------------------- 5,270.00MANILA WATER CO------------- 3, 030.00 30 - Paid the first instalment due of June 10 account. 30 - Received cash from customer on account, P12,000. 30 - By taking inventory, used supplies determined during the month were as follows:Cleaning Supplies P12,000.00 Office Supplies 8,000.00Required: Journalize the transactions completed for the month of June, using the accounts enumerated below: USE THE GIVEN TWO COLUMN JOURNAL IN THE NEXT PAGE(S). 11 Cash 21 Accounts Payable 53 Supplies Expense 12 Accounts Receivable 22 Notes Payable 54 Utilities Expense 13 Notes Receivable 23 Mortgage Payable 55 Advertising Expense 14 Cleaning Supplies 31 Malou Sog, Capital 56 Representation Expense 15 Office Supplies 32 Malou Sog, Drawing 57 Miscellaneous Expense 16 Cleaning Equipment 41 Service Revenue 17 Office Equipment 51 Salaries Expense 18 Furniture & Fixtures 52 Rent Expense. ********************************** ACTIVITY B ( Analyzing Business Transactions and Preparation of Financial Statements)1. In the given tabulation, indicate the effect of the transactions by indicating the corresponding amount. Put a parenthesis in the amount if the effect is decrease. Indicate in the notation column why owners equity is affected. At the end of the tabulation, get the total of each column.2. In a separate paper, prepare the following financial statements for the month ended June 30, 2020A. INCOME STATEMENTB. STATEMENT OF OWNERS EQUITYC. STATEMENT OF FINANCIAL POSITIOND. STATEMENT OF CASH FLOWS

GENERAL JOURNAL Page no. 1 Date Descriptions PR DEBIT CREDIT Activity A) (ACTIVITY B) Problem Solving. The following business transactions of JIT CONSULTANCY SERVICE owned by Atty. Art Nabong during the month of June, 2020 were presented below: 1 Transferred P300,000 from his bank personal savings account to a checking account opened in the name of his company. 2 Paid P15,000 to Aries Rentals for office space rental. 5 Purchased the law books from National Book Store for office library, P30,000 paying cash of P20,000 and issued a promissory note for the balance. 9 Purchased various office supplies from Webster Book Store for cash, P7,500 10 Purchase office chairs and tables from Nicnok Furniture, P25,000, paying cash of P5,000 and the balance on terms for 30 days. 1 Completed legal and consultancy services for Abraham Company on credit, P75,000. 13 Received cash of P40,000 from Philippine Lawyers Association for the legal services completed. Purchased computer and printer from Office Warehouse on credit, P35,000. 16 Paid local taxes and licenses, P8,000. 17 Received a statement of account for the legal newsletter subscriptions, P5,000. 18 Paid for the law books purchased from National Book Store, P5,000. 19 Purchased additional office supplies on account, P3,500. 20 Collected cash of P10,000 from Abraham Co. 21 Borrowed P50,000 from Banco De Wallet and issued a promissory note. Cash of P15,000 was received from Burnham Company for legal work completed. 23 Paid for the salaries and wages of office staff, P22,500. 24 Purchased cabinets and shelves for office library, P40,000. Paying P15,000 and the balance on account. 25 Paid advertisement of the law office in a newspaper, P10,000. 28 Paid the water & electric bills for the month, P8,500. Atty. Nabong took P8,000 cash for personal expenses. 29. Billed A. Reyes for legal services rendered, P10,000. 30. Paid salaries of employees for the last half of the month, P15,000. Instructions: 1) Anyalyze the transactions using the given tabulation. Date CASH ACCTS OFFICE LIBRARY OFFICE FURNITURE ACCT. NOTES NABONG NOTATION REC. SUPPLIES EQUIPMENT &FIXTURES PAYABLE PAYABLE |CAPITAL 2) Prepare the following: Income Statement for the month ended June 30, 2019 b ) Statement of Changes in Owner's Equity c) Statement of Financial Position as of June 30, 2019