Journalize the effects of the transaction. Prepare the debit entries, credit entries and the corresponding explanation for each journal entry

DIRECTION: Read and analyze the effects of each of the transactions. Journalize the effects of the transaction in a two-column journal sheet. Prepare all the debit entries, credit entries and the corresponding explanation for each journal entry. Recoding Transactions in a Journal Engracio Lucinada, Attorney-at-Law, opened his office on September 1, 2020. The following transactions were completed during the month: Date Transactions Sept. Deposited P210,000 in the bank in the name of the business. 2 Bought office equipment on account from Daraga Corp., P147,000. 3 Invested his personal law library into the business, P57,000. 4 Paid office rent for the month, P7,600. 5 Bought office supplies for cash, P8,850. 6Paid the premium for a one-year fire insurance policy on the equipment and the library, P1,860. 7 Received professional fees for services rendered, P24,600. B| Received and paid bill for the use of a landline, P2,280. 9 Paid salaries of two part-time legal researchers, P9,600. 10 Paid car rental expense, P2,880. 11 Received professional fees for services rendered, P21,200. 12 Paid Daraga Corp. a portion of the amount owed for the acquisition of the office equipment recorded earlier, P15,000. 15 Lucinada withdrew cash for personal use, P20,750