Instruction Given are the transactions of Sirang Computer At Audio Video Mo Magagawa Ko for May 20xx, show the effect of each transaction on the accounting equation. Assets Liabilities + Owner's Equity (Equity + Income - Expenses - Drawing). Compute the totals of the accounts after the last transaction. Assets Liabilities: Owner's Equity Income Expenses: Account Title Cash Accounts Receivable Computer and Audio/Video Parts Prepaid Insurance Deposit for Rent Computer Set Accounts Payable Equity, Vicente Tolete Drawing, Vicente Tolete Service Fee Direct Charges-Salaries, Wages and Benefits Direct Charges - Rental Expense - Communication, Light and Water May 1. Invested cash in the business, P70.000.00 1. Paid office rent deposit (to be reimbursed on the termination of rent contract), P15,000.00. 2. Purchased one computer set from Computer World, P30,000.00, paid 50% down, balance to be paid 15 days after the purchase date 2. Paid for a one-year insurance policy. P2.000.00 7. Purchased in cash, computer and audio/video parts, P8,250.00 14. Received cash for service fee, P15,000.00 15. Paid salary for assistant, P5,000.00 17. Paid account to ComputerWorld, P15,000.00 21. Sent a bill for service rendered on account, P3,000.00 23. Collection made on billed client, P3,000.00. 24 Paid electricity bill, P2,200.00 28. Withdrew cash for personal use, P5,000.00. 31. Received cash for services rendered, P20,000.00. 31. Paid salary for assistant, P5,000.00 31. Paid rent for the month, P5,500.00 31. Paid telephone bill, P1,000.00