Beta , tax consultant, began his practice don December 1, 2019. The transactions of the firm are as follows:

Dec.1Beta invested P 150,000 in the firm

2Paid rent for December to Magdalen Realty, P 8,000.

2Purchased supplies on account, P 7,200

3Acquired P 75,000 of office equipment, paying P 37,000 down with the balance due in 30 days.

8Paid P 7,200 on account for supplies purchased.

14Paid assistant's salaries for two weeks, P 6,000

20Performed consulting services for cash, P 20,000

28Paid assistant's salaries for two weeks, P 6,000

30Billed clients for December consulting services, P 48,000

31Beta withdrew P 12,000 from the business.

Requirements:

1. Journalize the December transactions and post to the ledger.
2. Help me prepare and complete the worksheet using the following information:

a.Supplies on hand at December 31 amounted to P 4,700

b.Salaries of P 1,800 have accrued at month-end

c.Depreciation is P 800 for December.

d.Beta has spent 20 hours on a tax fraud case during December. When completed in January, his work will be billed at P 500 per hour.

1. Help me prepare a income statement, a statement of changes in equity, a balance sheet and a statement of cash flows.