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Recording Business Transactions | 223 NAME: SECTION: SCORE: PROFESSOR: problem #20 Galicano Del Mundo hired a lawyer to help him start Del Mundo Repair Service. On March 1, Del Mundo deposited P143,750 in a bank account in the name of the entity. When the entity paid the lawyer's bill of P8,750, the lawyer advised the entity to hire an accountant to keep its records. Del Mundo was so busy that it was already March 31 when he hired you to straighten out his records. Your first task is to develop a trial paragraphs. balance based on the March transactions, which are described in the next two After the business began and the entity had paid the lawyer's bill, the entity borrowed P62,500 from a bank. It later paid P3,250, including interest of P750, on this loan. It also acquired a second-hand service vehicle in the entity's name, paying P31,250 down and financing P92,500. The first payment on the vehicle is due April 15. The entity then leased an office and paid two months' rent, P11,250, in advance. Credit acquisitions of office equipment of P10,000 and repair tools of P6,250 must be paid by April 10. In March, Del Mundo Repair Service completed repairs of P16,250, of which P5,000 were cash transactions. Of the credit transactions, P3,750 were collected during March, and P7,500 remained uncollected at the end of March. The entity paid salaries of P5,620 to its employees. On March 31, the entity received a P930 bill for the March utilities expense and a P620 check from a customer for work to be completed in April. A customer requested a repair on March 31 to be done the following week and agreed to pay P2,500 for it. The entity is considering recording this agreement as revenue in March to make the business look better. Required; Record all of the transactions for March in journal form. Label each of the entries alphabetically. Set up T-Accounts. Then, post the entries to the T-accounts. Identify each posting with the letter corresponding to the transaction. Determine the balance of each account. Prepare a trial balance as at March 31. Galicano Del Mundo wants you to evaluate the trial balance. The Cash account balance is P155,500 which exceeds the original investment of P143,750 by P11,750. Did the entity make a profit of P11,750? What are the implications of recording the repair order received on March 31 as revenue in March