Problem 1. a. Jimmy Delgado Pest Control has an assets of P600,000 and owner's equity of P450,000. b. Margie Clavano Realtors has liabilities of P530,000 and owner's equity of P410,000. c. Marko Fuentes Plumbing Contractor has assets of P473,000 and liabilities of P153,700. d. Ryan Morales Acting Studio has liabilities of P147,000 and owner's equity of P236,500. e. Fely Monarca Dance has assets of P624,000 and liabilities of P237,000. Required: Compute the amount of the missing element of financial position. (Asset = Liabilities + Owner's Equity) Problem 2. Ermita Modesto established her own business called Modesto's Self-storage. Below were the transactions during the month. Asset Liabilities Owner's Equity Cash Accounts Receivable Prepaid Insurance Office Equipment Accounts Payable Modesto, Capital Revenue Expenses g h. i. j. k. I. m. Deposited P120,000 in a bank account in the name of the business. Bought office equipment on account from PHINMA Corp., P31,000. Paid rent for the month, P24,000. Bought supplies for cash, P4,500. Paid salaries, P9,800. Received cash for storage service, P36,000. Received and paid utility bill, P2,520. Paid Errol Umerez Graphics for advertising, P4,280. Paid for a one-year liability insurance policy, P8,350. Billed customers for storage services on account, P33,700. Received cash for storage services, P23,000. Paid salaries, P9,900.00 Paid PHINMA Corp. P11,000 as part payment on the office equipment bought in transaction b. Modesto withdrew P12,000 for personal use. n. Required: Record the transactions in columnar form, write plus and minus sign, and show the balance per column. Write the proof of totals at the bottom to show that both sides of the equation are equal