Capital; Miranda, Withdrawals; Shopping Revenues; Commissions Expense: De carmine the balances of the T-accounts. Recording Transactions in T-Accounts Rebecca Miranda established a proprietorship, The Professional Shoppers. The business charges a fee based on the amount of research done to support a cost-effective purchase decision and the actual shopping time required. Miranda with the help of her professional shoppers" will shop for almost anything from corporate giveaways, computers to office and home furnishings. Business is particularly heavy around Christmas and in early summer. The business operates from a rented office condominium unit. The shoppers receive a commission based on the revenues they produce and a transportation allowance for the use of their personal vehicles for shopping trips. The following transactions are for December 2013 a Miranda invested P300,000 in the business. b. Acquired office equipment for P100,000. Miranda paid P20,000 in cash and promised to pay the balance equally every end of the month. cPald rent for December, P5,000. d. Provided shopping services for corporate accounts, P52,000 e Pald telephone bill, P900. t. Borrowed cash from the bank by signing a note payable, P50,000 Bought a computer for office use, P48,000 cash. hi Collected cash from clients for services performed on account, P40,000 i Pald commissions to shoppers for revenues generated during the first half of the month, P18,200. Paid electricity bill, P6,000. Earned shopping revenues of P132,000: P60,000 cash, P72,000 on account L Paid shoppers' commissions for last half of month, P46,200. m. Pald transportation allowances for the month, P15,000. n. Pald P10,000 on note payable to bank. 0. Paid cash on account for the office equipment purchased in transaction (b), P20,000. P. Miranda withdrew P20,000 for personal use. Required: Record the transactions using T-accounts. Use the accounting equation as a guide for setting up the T-accounts. The following accounts will be needed: Cash; Accounts Receivable; Office Equipment; Notes Payable; Accounts Payable; Miranda Transportation Expense; Rent Expense and Utilities Expense