Jimmy Flores completed this transactions during the first half of December Dec 2 Invested P120,000 to start an accounting practice Jimmy Flores, Accountant 2 Paid monthly office rent P5,000 3 Paid Cash for ACER Computer, P30,000. The computer is expected to remain in service for 5 years 4 Purchased office furniture on account P36,000, the furniture should last for five years 5 Purchased supplies on account P3,000 9 Performed tax services for a client and received cash for full amount of P8,000 12 Paid utility expenses P2,000 18 Performed consulting service for a client account P17,000 21 Received P9,000 in advance for tax work to be performed evenly over the next 30 days. 26 Paid for the supplies purchased on December 5 28 Collected P6,000 from the consulting client on December 18 30 Withdrew P16,000 for personal use. Required 1. Open T-accounts in a ledger: Cash; Accounts receivable; Supplies; Equipment; Furniture; Accounts Payable; Jimmy Liwanag, Capital; Jimmy Liwanag, Drawing; Service Revenue; Rent Expense; Utility Expense; Salary Expense; Accumulated Depreciation-Equipment; Accumulated Depreciation-Furniture; Salary Payable; Unearned Service Revenue; Depreciation-Expense Equipment; Depreciation-Expense Furniture; Supplies Expense; 2. Journalize the transactions. Explanation are not required. 3. Post to the T-accounts, keying all items by date. Denote an account balance as bal. Formal posting of references are not required. 4. Prepare a trial balance at December 31, Also set up the columns for the adjustments and for the adjusted trial balance. 5. At December 31, Jimmy Liwanag gathers the following information for the adjusting entries. a. Accrued service revenue P4,000 b. Earned a portion of service revenue collected in advance for December 21 c. Supplies on hand P1,000 d. Depreciation-Expense - equipment, P500; furniture, P600; e. Accrued expense for secretary salary Make this adjustments directly in the adjustments columns and complete the adjusted trial balance on December 31 6. Journalize and post the adjusting entries. Denote each adjusting amount as Adj. and account balanc3 as Bal. 7. Prepare the income statement and the statement of owner's equity of Jimmy Liwanag, Accountant for the month ended in December 31, and prepare the balance sheet at that date.