ILLUSTRATION The following transactions took place during March 20xx, the first month of operation of Computer Systems.Net - an internet caf and computer system provider company. March 1. Mr. Gerald Green Gabriel opened an account with Filipinas Bank by depositing P375,000.00 cash in the name of Computer Systems.Net. Mr. Gerald Green Gabriel is a not-VAT (Percentage Tax) registered person with TIN 111-222-333. 1. Paid office rent deposit (rent contract is one year, renewable yearly up to 7 years) P50,000.00 1. Paid for permit and license fees, P2,500.00. 2. Purchased on account from Air-CoolCompany, 1 air-condition unit, P22,000.00. 2. Purchased in cash chairs and constructed cabinets for computers, P20,000.00 2. Purchased in cash 15 sets of computer and 2 printers for internet caf and computer systems programming services, P252,000.00. 2. Purchased in cash printing materials and supplies, P2,000.00. 3. Purchased in cash office supplies, P1,000.00. 3. Paid for one year fire insurance policy, P2,400.00. 14. Received cash for Internet and other services, P10,000.00; 20. Sent a bill to Manila Preparatory School for computer system installed, P22,500.00. 27. Collection made from Manila Preparatory School, P22,500.00. 28. Paid telephone bill, P1,000; electricity bill, P3,500.00; and water bill, P300.00. 29. Mr. Gerald Green Gabriel withdrew cash for personal use, P10,000.00. 30. Received cash for Internet and other services, P17,500.00 31. Paid for the following: internet/wi-fi facility charge, P3,000.00; rent, P5,000.00; salary for employee, P10,000.00. 31. Received 50% advance payment for computer programming contract with FinestGold Pawnshop. The professional fee is P30,000.00. Data for adjustments: 1. Compute/provide one month depreciation for computer equipments using straight line method. Estimated useful life of computer equipments - 3 1/2 years without salvage value. 2. Compute/provide one month depreciation for furniture and fixtures using straight line method. Estimated useful life of furniture and fixtures - 7 years without salvage value. 3. Estimated remaining printing materials and supplies on hand is P1,000.00. 4. Estimated remaining office supplies on hand, P500.00. 5. Compute/provide for one month expired insurance. 6. Compute Percentage Tax Lability, ILLUSTRATION The following transactions took place during March 20xx, the first month of operation of Computer Systems.Net - an internet caf and computer system provider company. March 1. Mr. Gerald Green Gabriel opened an account with Filipinas Bank by depositing P375,000.00 cash in the name of Computer Systems.Net. Mr. Gerald Green Gabriel is a not-VAT (Percentage Tax) registered person with TIN 111-222-333. 1. Paid office rent deposit (rent contract is one year, renewable yearly up to 7 years) P50,000.00 1. Paid for permit and license fees, P2,500.00. 2. Purchased on account from Air-CoolCompany, 1 air-condition unit, P22,000.00. 2. Purchased in cash chairs and constructed cabinets for computers, P20,000.00 2. Purchased in cash 15 sets of computer and 2 printers for internet caf and computer systems programming services, P252,000.00. 2. Purchased in cash printing materials and supplies, P2,000.00. 3. Purchased in cash office supplies, P1,000.00. 3. Paid for one year fire insurance policy, P2,400.00. 14. Received cash for Internet and other services, P10,000.00; 20. Sent a bill to Manila Preparatory School for computer system installed, P22,500.00. 27. Collection made from Manila Preparatory School, P22,500.00. 28. Paid telephone bill, P1,000; electricity bill, P3,500.00; and water bill, P300.00. 29. Mr. Gerald Green Gabriel withdrew cash for personal use, P10,000.00. 30. Received cash for Internet and other services, P17,500.00 31. Paid for the following: internet/wi-fi facility charge, P3,000.00; rent, P5,000.00; salary for employee, P10,000.00. 31. Received 50% advance payment for computer programming contract with FinestGold Pawnshop. The professional fee is P30,000.00. Data for adjustments: 1. Compute/provide one month depreciation for computer equipments using straight line method. Estimated useful life of computer equipments - 3 1/2 years without salvage value. 2. Compute/provide one month depreciation for furniture and fixtures using straight line method. Estimated useful life of furniture and fixtures - 7 years without salvage value. 3. Estimated remaining printing materials and supplies on hand is P1,000.00. 4. Estimated remaining office supplies on hand, P500.00. 5. Compute/provide for one month expired insurance. 6. Compute Percentage Tax Lability