Mr. Vicente Fabella established Fabella Bookkeeping Services and had the following transactions for the month of February: 1. Investment of P150,000 cash fund by Mr. Fabella into the business. 2. Received Charge Invoice from supplier for the purchase of a desktop computer amounting to P32,500. The computer is estimated to be useful for five years and has a salvage value of P2,500 thereafter. 3. Purchased supplies amounting to P18,000 in cash. 4. Paid P6,000 insurance for six months. 5. Issued Service Invoice for an amount of P50,000 to a customer for services rendered on account. 6. Received P35,000 cash from customers in payment of their account. 7. Paid cash and received an official receipt from the supplier for payment of accounts, P20,000. 8. Rendered services to customers billed for P30,000. 9. Cash payment of P15,000 for the salary of an employee. 10. Mr. Fabella withdrew P12,000 cash from the business. 11. Paid the telephone bill for February amounting to P3,000. 12. Supplies remaining on hand worth P15,000. Instructions: - Prepare the necessary journal entries. - Post to the ledger. - Prepare the trial balance. - Prepare the financial statements (Income Statement, Statement of Changes in Equity, Balance Sheet, and Statement of Cashflows). - Record and post the closing entries