Problem 2. Mabel Wong began a professional practice as system analyst on July 1. She plans to prepare monthly financial statements. During July the owner completed these transactions: July 1 Owner invested P50,000 cash along with furniture and fixtures that had a P20,000 market value two years ago but now worth P10,000 only Paid P25,000 cash for July rent (including P500 water bill of a fully furnished office space at the Madrigal Building 4 Purchased P120,000 worth of state of the art equipment on credit for thirty monthly instalment payments 6. Purchased office supplies for cash, P2,500 Completed work for a client and immediately collected the P32,000 cash earned 10 Completed work for a client and sent a bill for P27,000 to be paid within thirty days Paid an assistant P6,200 cash as wages for 15 days Collected P15,000 cash on the amount owed by the client 15 18 25 Completed work for another client who paid only P40,000 or 40% of the total computerized system. The client promised to pay the balance in thirty days 28 Owner withdrew P5,000 cash for personal use 28 Paid the first instalment to settle the liability on the equipment purchased