I. JOURNAL ENTRIES AND PREPARATION OF TRIAL BALANCE Lella Durkin. an architect, opened an office on May 1, 2021. During the month, she completed the following transactions connected with her professional practice: a. Transferred cash from a personal bank account to an account to be used for the business. P30, 000. b. Paid May rent for office and workroom. P3,500. c. Purchased used automobile for P25. 000. paying P5, 000 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, P9.000. e. Paid cash for supplies. P1.200. f. Paid cash for annual insurance policies, P2,400. g. Received cash from client for plans delivered. P8.150. h. Paid cash for miscellaneous expenses. P300. i. Paid cash to creditors on account, P2,500. j. Paid installment due on note payable, P400. k. Received invoice for blueprint senrice. due in June. P1,200. I. Recorded fee earned on plans delivered. payment to be received in June, P12, 900. m. Paid salary of assistant. P1 ,800. n. Paid gas. oil, and repairs on automobile for May. P600. Instructions: (Place your answers on MS EXCEL) 1. Record the above transactions: (Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Leila Durkin. Capital; Professional fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense) 2. Prepare an unadjusted trial balance for Leila Durkin. Architect as of May 31, 2021. ILACCOUNT BALANCES a. During October, P 90,000 was paid to creditors on account and purchases on account were P 125.000. Assuming the October 31 balance of Accounts Payable was P 40,000. determine the account balance on October 1. b. On May 1, the accounts receivable account balance was P 25,000. During May. P 240,000 was collected from customers on account. Assuming the May 31 balance was P 36,000, determine the fees billed to customers on account during May. c. On November 1. the cash account balance was P 18, 275. During November, cash receipts totaled P 279,100 and the November 30 balance was P 13,200. Determine the cash payments made during November. d. As of January 1. Brenda Cikan, Capital. had a credit balance of P 125.000. During the year. withdrawals totaled P 7.000, and the business incurred a net loss of P 130,000. Compute the balance of Brenda Cikan, Capital. as of the end of the year. e. On October 1. the supplies account balance was P 900.During October. supplies of P 2,750 were purchased. and P 1,025 of supplies were on hand as of October 31. Determine supplies expense for October. III. ADJUSTING ENTRIES (Place your answers on the spaces provided.) Account Account Accrued wages, unrecorded and unpaid at year end, P4, 000 2 Service revenue recorded earlier and recorded as revenue but not yet earned, P8,000 3 Depreciation expense for the year not yet recorded, . P8,000 4 Balance at yearend in service revenue account, P62,000. Give the closing entry. 5 Service revenue earned but not yet collected at year end, P6,000 6 Balance at yearend in interest revenue account, P4,200. Give the closing entry. 7 Ofce supplies inventory account at yeareend, P4,000, Inventory of supplies on hand at yearend, P1,500 8 At yearend, interest on notes payable not yet recorded or paid, P2200 IV. ADJUSTING AND REVERSING ENTRIES Shown below are some of the accounts of de Guzman lending Investor, a money lending business owned and managed by Aileen de Guzman of Dapitan City. Debit Credit Interest Income P205,000 Commission Income 18,000 Rent Expense P50,000 Insurance Expense 20,000 The following information were gathered at the end of the accounting period, December 31, 2021: 1) An interest that has been accrued from customer's borrowed money, P55,000. 2) Advance payment of rental was not taken up, P20,000. 3) Of the commission received in advance, P5,000 is unearned. 4) Prepaid portion of insurance paid in advance, P5,000. Required: Prepare the adjusting and reversing entries. V. CLOSING ENTRIES AND STATEMENT OF CHANGES IN OWNER'S EQUITY Complete the Closing Entry of the following accounts: Income Summary Expense P510,000 P670000 (Income) jAT, Capital P820,000 JAT, Drawing P30,000 Required: (answer on your test booklet) 1. Prepare the closing entries to close the nominal accounts. 2. Prepare a Statement of Changes in Owner Equity