Offi age d 8. On October 1, Sancho Dy, business consultant, opened Business Solutions Company. A range of consulting services is provided but his expertise lies in computer system installation and customer program development. The following transactions took place: 2 1 Mr. Dy invested P50,000 cash, a P20,000 computer system, and P80,000 office equipment. Signed a contract with Peter Lee, lessor, to lease an office space for P15,000 a month. Purchased P8,420 of computer supplies on credit from Office Warehouse. Billed Easy Internet P4,800 for services performed in installing a new Web server. Paid in full for the computer supplies purchased from Office Warehouse 3 6 8 10 12 15 Hired Adel Po as a part-time assistant for P250 per day starting immediately. Billed Fast Internet Shop P14,000 for computer system installation. Received cash from Easy Internet 50% of its account. Paid P1,500 cash to repair the damage on the computer equipment when it was relocated. 20 Paid P1,750 cash for advertising brochures. 17 22 Received cash from Easy Internet to apply on the balance of its account. 28 Billed IMC Company P15,200 for consulting services performed. A 50% down payment was received. 29 Received two bills for rent and utilities. The total amounted to P22,200. Only the rent bill was paid. 30 Mr. Dy withdrew P3,000 worth of computer supplies. Only 2,020 worth of supplies remained on hand. 31 Paid Adel's wages for a 20-day work done this month. Required: a) Prepare your own Chart of Accounts. Start with account no.1 for assets, 11 for plant, property and equipment, 20 for liabilities, 30 for equity, 40 for revenue, and 50 for expenses. b) Record in a two-column journal. c) Open the general ledger, post, insert appropriate posting references as each item is posted, foot and extract the balances. d) Prepare a trial balance. 9. Using the journal entries prepared in Exercise 8, do the following: Open two customer's cards, make postings, and prepare a schedule of accounts receivable. Refer to your general ledger Accounts Receivable. Did the balance tally with the balances of the accounts receivable ledgers you prepared here in no. 9?