Perform the complete, accounting cycle from ANALYZING to REVERSING ENTRIES. Use T-ACCOUNT in posting the entries ledgers. Complete, a 10-column worksheet. Prepare FINANCIAL STATEMENTS in a yellow sheet of paper.

Edgar Detoya, tax consultant, began his practice on December 1, 2019. The transactions of the firm are as follows: December Detoya invested P150,000 in the firm. 2 Paid rent for December to Recoletos Realty, P8,000. 2 Purchased supplies on account, P7,200. 3 Acquired P75,000 office equipment, paying P37,000 down with the balance due in 30 days. 8 Paid P7,200 on account for supplies purchased. 14 Paid assistants salaries for two weeks P6,000. 20 Perform consulting services for cash, P20,000. 28 Paid assistants salaries for two weeks, P6,000. 30 Billed clients for December consulting services, P48,000. 31 Detoya withdrew P12,000 cash from the business. Additional information at December 31, 2019: a. Supplies on hand at December 31 amounted to P4,700. b. Salaries of P1,800 have accrued at month end.c. Depreciation is P800 for December. d. Detoya spent 20 hours on a tax fraud case during December. When completed in January, his work will be billed at P500 per hour