Post all journal entries on the T-account. Prepare the trial balance. Prepare the worksheet. On November 10, 2014, OMG Trucking Services started its operations. Below are the transactions of the company for 2014. November 5 Mr. OMG invested P1,500,000 and three trucks with fair market value of P1, 900,000 in the business December 8 Paid insurance for the three trucks up to the end of the year, P46,000. 10 Paid taxes and licenses, P5, 300. 11 Hired an office secretary and a driver with P8, 000 and P10,000 each month salary to start tomorrow. 12 Called Netional Store to order office supplies to P2,000. 14 Office supplies delivered by Netional was paid in cash. 18 Purchased office furniture and fixtures on account, P12,000. 20 Bought office equipment for cash, P21,000. 25 Delivered cargo to La Union for Ms. Val Subas. Cash of P35, 000 was received for truck services rendered. 30 Paid secretary's and driver's salary, P9, 800. 1 Trucking services rendered to Ty Wer Trading on account, P33,000. 3 Partial payment for furniture and fixtures, P6,000. 5 Received a note from Ty Wer Trading for one third of the account. 10 Delivered cargo to Isabela for Mr. Tan Ga on credit, P55,000. 15 Paid P3, 500 for utilities. 18 Proceeds of loan from Allied Bank, P500, 000. 20 Mr. OMG withdrew P50,000 for personal use. 24 Paid secretary's and driver's salary, P18,000. 24 Received utilities bill for payment on January 3, P5,000. Additional Information 1. The company uses the asset method in recording prepayments and the liability method in recording deferrals. 2. Office supplies have a zero balance at the end of the year