Direction: The following accounts show the beginning balances and the transactions for the first half of January. Post the remaining transactions for January and extract the balances for each of the accounts and prepare a trial balance. Cash Santos, Capital 12.000 Jan 15 2,000 Jan. 1 25,500 11,500 1,000 Jan. 1 14 16 Accounts Receivable Sales Jan. 1 20.000 Jan. 14 11.500 Jan. 9 17,000 9 19,040 Merchandise Inventory Jan. 1 Output Tax 5.000 Jan. 9 2,040 Furniture & Equipment Purchases Jan. 1 3,500 Jan. 7 18,500 16 5,000 Accounts Payable Input Tax Jan. 1 15,000 Jan. 7 2,220 7 20,720 16 600 16 5,600 Withholding Tax Payable Salaries & Wages Jan. 15 500 Jan. 15 2,500 Utility Expense Jan. 16 1,000 Jan. 17 Santos paid P20,000 of the business liabilities out of his personal cash. 20 Cash sales amounted to P4,480 inclusive of 12% VAT. 22 Collected the account of a customer, P5,000 less a P100 discount and a P12 adjustment for VAT. 25 Paid for utility expenses, P1,500. 30 Paid for semi-monthly salaries less withholding tax. Purchased equipment, P7,840 inclusive of 12% VAT. Terms: P5,000 down, balance 2/10, n/30. 31 Paid the liability on the equipment purchased on the 16th less a 2% decrease on equipment for the discount and adjustment for the VAT