The Rainbow Corporation is authorized by its charter to issue 5,000 ordinary shares with a par value of P100 per share. Shown below are the names of the incorporators with their corresponding subscriptions and payments:

At Par Value

IncorporatorsNo. of Shares SubscribedPayments

Doroteo Amora800P20,000

Conrado de los Reyes60015,000

Emilio Palma Gil40016,000

Cristina Pendor50015,000

Zenia Manapat70021,000

3,000P87,000

Sept. 1 Emilio Palma Gil paid his subscription balance in full and a Stock Certificate was issued.

7Teresita Salang subscribed to 200 shares at P110 and made a partial payment of P8,000.

9Teresita Salang paid in full her subscription balance and a stock certificate was issued.

11Issued 20 shares for cash at P105.

15Issued 50 shares of stocks to Atty. Garcia in payment for his professional services in the

incorporation process.

29Zenia Manapat offered her brand new unit of computer in payment for her subscription balance

and was accepted.

Required: All the necessary journal entries of the above transactions.