ASAP 1

1. The following were the transactions of Entity A during the period: Date Transactions Jan. 8 Services worth P150,000 were rendered for cash. Jan. 9 Services worth P200,000 were rendered on account. Jan. 10 Cash amounting to P25,000 was disbursed for advertising expense. Jan. 11 Accounts receivable of P180,000 was collected. Jan. 12 The owner made a temporary withdrawal of P10,000 cash from the business. Requirements: a. Provide the journal entries. b. Post the journal entries to the ledger then determine the ending balances of the accounts. Use T-accounts for this purpose. Arrange your T-accounts in this order: Assets, Liabilities, Equity, Income and Expenses. D