ON FEBRUARY OF 2020, JOLLY BEES DONALD OPENED A STORE THAT SELLS SCHOOL SUPPLIES. HER MAIN CUSTOMERS ARE STUDENTS AND TEACHERS OF HAPPY STUDENTS SCHOOL THAT IS SITUATED IN FRONT OF HER STORE. JOLLY WANTED TO KNOW THE FINANCIAL POSITION OF JB'S STORE. JOLLY KNEW YOU WERE STUDYING ACCOUNTING SO SHE ASKED FOR YOUR HELP. The following information were made available to you: 1. To start her business, Jolly opened a checking account in the name of JB Store. The statement of account from the bank shows that the checking account has a balance of P100,000 as of December 31,2020. 2. Jolly told you that she keeps P5,000, in small bills and coins, in her store which she uses as a change fund. 3. As of December 31,2020, cash on hand from sales and collections for the day amounted to P10,000. This does not include Jolly's change fund. 4. Jolly showed you a delivery receipt for P1,575. The receipt dated December 29,2020 showed that manila papers and color markers were delivered to a Ms. Rebecca Di who is a grade school teacher in Happy Students School. Ms. Di noted on the delivery receipt that she will pay Jolly on January 15,2021. 5. JB's store is located on the ground floor of a commercial building. The commercial costs her P14,000 per month for rent. As of December 31, 2020, JB's store has a remaining one month advance rent with the landlord. 6. Jolly purchased shelves and cabinets amounting to P30,000 to be used as display racks and storage for her storage. The shelves and cabinets are expected to be used in the store for 5 years. Jolly started using the shelves and cabinets on December 1, 2020. 7. After closing the store on December 31,2020. Jolly counted all the unsold merchandise inside the store. Jolly does not have any other storage space except for the store premises. Based on Jolly's count, the remaining unsold merchandise costs P15,000. 8. Jolly showed you a folder where she kept her unpaid receipts and bills. You noted the following: a. b. c. A sales invoice dated December 25,2020 form Long Lasting Ballpoint Pens Incorporated amounting to P2,645. The invoice term is 30 days. A sales invoice from Papier Paper Company dated December 15, 2020 for P5,465. The payment terms on the invoice is 40 days. A Meralco bill for electricity consumption from November 1-30 for P6,000. The bill is payable on December 15,2020. Jolly hired Emily to help her inside the store. Emily's salary is P500/day. Emily's wages were paid on December 30,2020 for work rendered until December 29. Her pay for December 30 and 31 will be included in her d. January wages. 9. Jolly showed you an official receipt for P1,395. She told you that this is a down payment from Ms. Benny Ling, a grade 5 teacher in Happy Students School. Ms. Ling ordered green, red, and blue poster paints for her students. The total price of the order was P2,790. According to their agreement, Jolly will deliver the paints on January 3,2021. 10. On December 30,2020, Jolly borrowed P30,000 from her bank. She took advantage of the bank's special terms for small entrepreneurs. She signed a promissory note for her loan. The principal is payable on December 30,2022. The interest is payable monthly beginning January 31, 2021. 11.Jolly started her business by depositing P50,000 to open the checking account. On October 15,2020, the business is in need of additional cash so Jolly deposited P5,000 to the checking account. Jolly also withdrew P15,000 from the business over the year. Instructions: Provide the Journal Entries and the Trial Balance