SHOW CONCRETE SOLUTION:

Jane Rosales began business as Rosales law firm on June 1. During the first month of operation, the following transaction occurred: June 1 Rosales invested P150,000 cash and a laptop computer valued at P26,0000 to start his law firm. Purchased P17,500 of office equipment on credit from ZEN Enterprises. 6 8 Completed legal work for a client and received P31,000 cash. 10 Purchased office supplies for cash P2,000. 16 Paid ZEN Enterprises P7,500 cash in partial settlement of the account. 19 Completed P24,000 of legal work and billed WCTC Trading. 26 Received P10,000 cash as partial payment for the legal work completed for WCTC Trading. 28 Paid P15,000 cash for the legal secretary's salary. 29 Paid office rental for June, P7,000. Paid utilities for November amounting to P8,200 30 Required: 1. Prepare journal entries to record the above transactions (with explanation). (10 points) 2. Post entries to the T-accounts. (10 points) 3. Prepare a trial balance as of June 30 (5 points) 4. Prepare an income statement for the month ended June 30. (5 points) 5. Prepare a statement of financial position as of June 30 (5 points)