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

CHART OF ACCOUNTS ASSETS LIABILITIES Cash Accounts payable Accounts receivable Supplies EQUITY Professional equipment Manalo, Capital. Office equipment Manalo, Drawings Service vehicles EXPENSES INCOME Rent expense Service revenue Salaries expense Utilities expenseDIRECTION: 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 On July 1, 2020, Ma. Concepcion Manalo established the Manalo Rehab Clinic. Transactions completed during the month of July below: Date Transactions July Manalo deposited P150,000 in a bank account in the name of the business. 2 Paid office rent for the month, P11,000. 3 Bought supplies for cash, P2,750. 4 Bought professional equipment on account from J. Perez Equipment, P142,000. 5 Bought office equipment from S. Lacorte Computers, P18,700, paying P8,700 in cash and the balance on account. 6 Performed professional services for cash, P32,800. 7 Paid accounts to S. Lacorte Computers, P5,000. 8 Received and paid the bill for utilities, P2,830. 9 Paid salaries of the part time assistants, P10,000. 10 Performed professional services for cash, P37,250. 11 Manalo withdrew cash for personal use, P16,000. Use the following chart of accounts