EXERCISEB MADALING Repair Shop started business in May of the current year and had the following transaction during the month as follows: June 2 Mr. Richard Yap, the owner invests P 150,000 cash in the business. 2 Pald taxes and licenses, P2,500. 3 Paid the current month's rent P 5,000 4 Purchase repair equipment P 40,000. Pald a down payment of P20,000 and the balance on account. 5 Purchase repair supplies for cash, P4,000. 6 Received cash from customer for repair and services rendered to them, P 35,000 9 Rendered repair services on credit. P 20,000 10 Purchase additional repair supplies on credit P 23,000. 11 Bought P 2,000 worth of repair supplies on account 12 Received payment form customers for the repairs completed, P23,000. 15 Received payment form customers on account, P 10,000 15 Paid employees salaries. P 18.500. 20 Mc Yap, withdrew cash P7,000 cash from from the business for his personal use 25 Issued check payment for the repair supplies purchase on aac count on June 10 31 Recieved electric bill for the month amounting to P10,000 to be paid next month 31 Paid employees salaries, P 20,000 Required: a) Prepare the joumal entries to record the above transaction in a 2 column journal b) Post entries from the journal to T-accounts, Prepare Trial balance for Madaling Repair Shop