In June2021, Chan Lee opened a photography studio that provides services to public and private schools. His firms Chart of Accounts and financial activities for the first month of operations appear below:

Chan Lee Photography Studio Chart of Accounts ASSETS REVENUE 101 Cash 404 Service Fees 111 Accounts Receivable EXPENSES 121 Supplies 511 Rent Expense 141 Office Furniture 512 Salaries Expense 142 Office Equipment 513 Telephone Expense 151 Photographic Equipment 514 Utilities Expense LIABILITIES 531 Miscellaneous Expense 202 Accounts Payable 301 302 OWNER'S EQUITY Chan Lee, Capital Chan Lee. Drawing Date Transactions June 1 Chan Lee invested P300.000 cash in the business. 2 Issued Check # 1001 for P30,000 to pay the June rent. 5 Purchased desks and other office furniture for P50,000 from Office Plus: received Invoice # 5312. payable in 60 days. 6 Issued Check # 1002 for P150,000 to purchase photographic equipment. 7 Purchased photography supplies for P40.000. paid with Check # 1003. 10 Issued Check # 1004 for P5,000 for office cleaning service. 12 Performed services to Bright Minds School for P130.000: received 30% cash, the balance on credit. (Use compound entry). 15 Returned damaged photography supplies, received P3,000 cash refund. 18 Purchased a computer for P60,000 from Micro Center: Invoice # 304; issued Check 1005 for P15,000 as down payment, the balance is payable in 30 days. (Use compound entry). 20 Issued Check # 1006 for P20,000 to Office Plus as partial payment for desks and other office furniture purchased on June 5 with Invoice # 5312. 26 Performed services to ABC Learning School for 70,000 on credit. 27 Paid P2,500 for monthly phone bill, issued Check # 1007. 30 Received P91.000 from Bright Minds School as full payment for services rendered on June 12. 30 Issued Check # 1008 to pay the monthly electricity bill of P17,000. 30 Issued Check # 1009 for P25,000 for salaries. INSTRUCTIONS: 1. Journalize the transactions. Use a general journal. Number the first journal page as 1. Alternatively, you may use MS Excel. Describe each entry. Use Sheetl for this 2. Post to the ledger accounts. Use a standard form general ledger. Before you start the posting process, open the Alternatively, you may use MS Excel. accounts by entering the names and numbers Use Sheet2 for this. in the headings. Follow the order of the accounts in the Chart of Accounts. 3. Prepare the Trial Balance for the month ended Use a 2-column journal (or general journal) June 30, 2021. Alternatively, you may use MS Excel. Use Sheet3 for this. Adapted from: Price, J. Haddock, M, & Farina, M. (2021). College Accounting 16th edition. McGraw-Hill Education