Fundamentals of Accountancy, Business and Management 2 Asynchronous Activity Journal Entry and Ledger Mr. A established a company to be known as A.B Designs. In February of the current year, he completed the following business transactions: February 1 - Mr. A transferred cash from his savings account to an account set up for the business, P500,000 February 2 Purchased supplies for cash, P25,000 February 6-Purchased equipment on account P30,000 February 8 - Purchased a small van for P150,000, paying P80,000, cash and giving a note payable for the balance. February 9-Paid rent for the period of February 15 to end of month P5,000 February 10 - Received cash for job completed, P200,000 February 11 - Purchased supplies on account P40,000 February 13 - Paid wages of workers, P50,000 February 15-Paid premiums of property and casualty insurance, P2,000 February 19 - Paid creditor for equipment purchased on February 6, P15,000 February 20 - Recorded services to customers on account and sent invoices to customers, P250,000 February 24 - Received invoice for truck repairs, P4,000 February 26-Paid utilities P1,500 February 27 - Paid Miscellaneous expenses P400 February 28-Received cash from customers on account, P100,000 February 28-Paid wages of workers P55,000 February 28 - Withdraw cash for personal use P40,000 Requirement: 1. Prepare Journal Entries 2. Post Entries to ledger using T-Account