REV UP REVIEW CENTER On November 2. 2015. Ericka Santos Capule started her own business in City of Malolos. Bulacan. Presented below are the transactions for the Second month of operation of RE'llr IJP REVIEW CENTER. Balances of accounts from the last month's operation: CASH 400.000 AIR 20.000 CFFICE FURNITURE 20.000 ACCOUNTS PAYABLE 20.000 OFFICE SUPPLIES 5.000 CAPULE. CAPITAL 425.000 DEC 1. 1 Ericka made an additional investment of 500.000 in the name of the business at Land Bank of the Philippines 1 Purchased 00 Sq meter of land in Malolos for future use amounting 5.300 per square meter from Land Bank of the Philippines as follows: Payment of 40% Cash and 50% Notes Payable with 20% interest for two years. Acquired 5 units of Computer Equipment which amounted 44.000 per item. Payment 30% cash of the total amount and issued 1-year notes [10%) for the remaining amount. Purchased Review Material Supplies from National Bookstore amounted 50,000 on account. 2 Made a 3-month payment for Rent. 51.000 2 Purchased Ofce Supplies worth 50.000 on account due in December 15. 0 Disbursed 34.000 tor insurance premium good for one year. 4 Received 15,000 for the senrices rendered. 5 Rendered service lrom customers amounting 55.000. payment only 20% of the total amount and the remaining amount was on account. 10 Paid ofce Salaries for employees 40.000 11 Collected 20.000 from customer for the services rendered. 15 Paid ofce supplies purchased on account last December 2. 20 Paid following expenses; Electricity 20,000 water 5000 Telephone Bill 15,000. 21 Ms. Ericka. Withdraw 10,000 for her personal use. Do the same date. she received 45.000 for the services rendered. 23 Paid Salaries expense for the 2'\"1 half of December. 40.000 and additional bonus of 20.000 24 H'liiiLlliililllIIr 25 CHRISTMAS DAY 20 Paid City Business Permit. 5000 30 RIZAL DAY 31 Ericka paid 20. 000 for their Christmas party. Required: Analyze the business transactions 2. Prepare the Journal Entries 3. Prepare the Ledger 4. Prepare the Unadjusted Trial Balance in the worksheet USE THE FOLLOWING ACCOUNTS: Capule, Capital Cash Land Review Material Supplies Computer Equipment Employees' Bonus Office Furniture Miscellaneous Expense Office Supplies Capule, Drawing Accounts Receivable Communication Expense Notes Payable Utilities Expense Prepaid Rent Fees Earned Salaries Expense Prepaid Insurance Business Permit Expense Adjusting Entries a. Determined that only 60% was earned from the collection last December 11. b. Computer Equipment has a Salvage Value of P20, 000 with 8-year life span, solve for the depreciation. c. Solve 10% depreciation for furniture. d. Solve the expired portion of insurance and rent. e. Additional telephone expenses for the month of December, P15,000. f. Record the 20% and 18% interest which were issued last Dec 1. On December 31, 2016 the following were accounted: g. Used Office Supplies, P53,000 h. Only 30% of the Review Material Supplies was on hand Required: 5. Prepare the adjustments using Worksheet 6. Prepare the Adjusted Trial Balance using Worksheet 7. Prepare the Income Statement using Worksheet and separate sheet with the proper format 8. Prepare the Balance Sheet using Worksheet and separate sheet with the proper format 9. Prepare the closing entries