Required: Journalizing T-account(posting)

January 2016 1 Galiciano Del Mundo invested P100,000 in his advertising agency. 1 Galiciano Del Mundo issued a promissory note for a P30,000 loan from Monte Bank. The note carries a 20% interest per annum. Both interest and the principal are payable in full one year. 2 Rented office space paying two month's rent in advance, P8,000. 4 Acquired art equipment for P42,000 in cash. 5 Acquired office equipment from Fair and Square for P30,000; paying P15,000 in cash and the balance next month. 8 Purchased on credit art supplies for P18,000 and office supplies for P8,000 from Batangas Supply. 8 Paid P4,800 to Prudent Insurance Inc. for a one-year insurance policy with coverage effective Jan. 1 9 10 12 15 19 Paid Batangas Supply P10,000 of the amount owed. Performed services for a car dealer and collected fees of P14,000. Paid the secretary's salary P6,000. Accepted P10,000 as an advance fee for art work to be done for another agency. Performed services by placing print advertisemer Laurel Arcade, and charged P28,000. Del Mundo withdrew P14,000 for personal expenses. Paid the secretary two more week's salary, P,6000. Paid the electricity bill of P1,000 Received GLOSMARTEL telephone bill, P900. Collected P10,000 on account from Laurel Arcade for services already rendered. 25 26 29 30 31