REQUIREMENT: Prepare accounting equation worksheet and Journal Entries

J. F. KENNEDY, M.D., has been a practicing cardiologist for three years. During March 2019, KENNEDY completed the following transactions in her practice of cardiology:

Mar 1 Provide medical services to clients for cash P35,000

Mar 2 Paid rent for the month, P3,000.

Paid advertising expense, P1,800.

Mar 6 Purchased office equipment on account, P12,300.

Mar 15 Paid creditor on account, P1,200.

Mar 27 Paid cash for repairs to office equipment, P500

Mar 30 Paid telephone bill for the month, P180

Mar 31 Paid electricity bill for the month, P315.