Assignment #2 INSTRUCTIONS: Make the journal entries for the following transactions Mr. Seokjin Kim, CPA opened a current account with Development Bank of the Philippines and deposited P150,000 to start with his public practice. CHART OF ACCOUNTS ASSETS OWNER'S EQUITY Cash on Hand S. Kim, Capital Accounts Receivable S. Kim, Drawing Advances to Employees INCOME Prepaid Interest Professional Income Supplies Inventory EXPENSES Office Fumiture & Fixtures Professional Development Expense LIABILITIES Postage and Telephone Accounts Payable Travelling Expense Unearned Professional Income Rent Expense Loans Payable Utilities Expense Salaries Expense Taxes and Licenses Transactions Dec 3 Deposited P150,000 to the bank and invested office table and computer worth P80.000 in the business. 4 Bought various office stationeries and supplies on account, P15,000 5 Received cash of P15,000 for installation and design of accounting system 1 Paid P5,000 convention registration fee for Philippine Institute of Certified Public Accountants 9 Paid P2,500 for transportation expense in visiting a client in Davao City 10 Rendered professional service on account, P10,000 12 Received cash, P8,000 from Cebu Golden Plaza but professional service has yet to be rendered. 13 Salary advance given to his staff to be deducted against payroll, P5,000 13 Paid taxes and business permits for cash, P4,500 14 Paid P1,500 for telephone bils 16 Collected in full the account of a client on December 10. 17 Partial payment of account on December 4, P3,000. 18 Bought steel cabinets on account from Sungold, Inc. P25,000 19 Received electric and water bill for P3,500 and immediately made payment. 21 Mr. Kim made a withdrawal from his bank account of P25,000 for his personal use. 22 Paid transportation expense in visiting a client in Zamboanga City, P3,000 23 Paid office rental of P5,000 24 Sent a brochure to a client in Davao City through Aboitiz 2-Go, P2500 25 Rendered a professional service for cash to various clients. P45,000 26 Partial payment of account with Sungold, Inc., P10,000 27 Received a loan from Cebu Accountant's Multi-Purpose Cooperative. P47,000, not of interest payable six months after 29 Received cash P15,000 as retainer's fee from various clients 30 Paid salaries to his staff. P18,000 net of deduction for salary advance of December 13. 30 Full payment of account with Sungold, Inc. 30 Rendered professional service to Cebu Golden Plaza, paying out the advanced payment received on December 12 30 Full payment of December 4 account. 30 Billed a client for professional services rendere, P35,000 30 Plane ticket to aval of promotional fare re-travel to Manila to attend PICPA Convention, P6.200 30 Send PICPA Bulletin through LBC Air Cargo P1,200. 30 Received cash from a client for professional services rendered P8.000 30 Taxi fares claimed by staff while out in office for official business, P850