I. Prepare the correct Trial Balance

The trial balance of Marcelo Co. as of December 31, 2016 is out of balance. DEBIT CREDIT Cash 80,000 Accounts Receivable 35,000 Office Equipment 100,000 Accounts Payable 75,000 Del Pilar, Capital 117,500 Fees Income 72,500 Salaries Expense 35,000 Rent Expense 10,000 Utilities Expense 2,600 P262. 600 P 265. 000 In process of verifying the amount in the trial balance, the following errors were discovered: 1. A debit entry for cash was posted to the credit side, P5,000.00 2. Fees income of P5,000.00 was posted as 500 3. A credit entry for accounts receivable was posted to debit side P2,750.00 4. Salaries expense was overlooked in ledger, P2,400.00 DEBIT CREDIT Cash Accounts Receivable Office Equipment Accounts Payable Del Pilar, Capital Fees Income Salaries Expense Rent Expense Utilities ExpenseIl. A Trial Balance had been prepared for AREOLA COMPUTER SERVICE Co. as of January 31, 2017 (See Below). DEBIT CREDIT Cash ??? Accounts receivable 184,200 Notes Receivable 300,000 Office supplies 15,600 Prepaid insurance 26,400 Computer equipment 120,500 Office furniture & Equipment 460,000 Accounts payable 101,900 Ms. Areola, capital 1,200,000 Ms. Areola, drawing 40,500 Fees earned 350,000 Salaries expense 35,000 Rent expense 43,000 Taxes & Licenses 8,600 Advertising expense 12,200 Utilities expense 9,500 TOTALTransactions for the month of February 2017 are given as follows: FEBRUARY Purchased 3 new sets of computer to Data Lab. worth P24,500 each paying 3/5 down and the balance was on account. N Rendered a service to client amounting P24,565. Client paid the 55% of the total amount billed and issued promissory note for the remaining amount. W Cash received from customer on account, P54,000. Bought supplies from Pandayan Bookstore worth P12,000 in cash. 7 Billed customer for the graphic design, P32,000. 15 Paid the following expenses: Salaries P17,300 and Utilities P9,400 16 Ms. Areola paid Chi Co. for the advertisement of Areola Computer Service Co. amounting P4,200. 17 Billed customer P24,400 receiving 55% cash. 18 Ms. Areola purchased 120 sq. meters of Land for the future construction of building amounting 3,500 per sq. meter. Payment as follows: 30% Cash and issued notes for the balance. 19 Rendered a service to client on account, P12,000. 20 Ms. Areola treated her employees on a buffet amounting P10,232. 21 Ms. Areola returned to Data Lab. a set defective computer that was purchased last February 1. Data Lab. decided to return the amount of defective computer to Ms. Areola. 22 Another service been rendered to customer amounting P14,300. Customer paid the 75% of the total billing and issued promissory note for the balance. 23 Received the remaining amount from the customer billed last February 17. 24 Paid the balance from Data Lab Co. 25 Received balance from the client billed last February 2. 26 Paid the following: Salaries of Employees P17,300 and Rent P4,700. 27 Ms. Areola invest her personal computer to the business amounting P11,200. 28 Ms. Areola withdrew 12,500 for her personal use. Additional accounts to be used: Miscellaneous Expense Notes Payable