11:04 a 1160 Edit J ASSIGNMENT - CHAPTER 9 ACCOUNTING CYCLE OF A SERVICE BUSINESS PROBLEM 1. Entity A started operations in 20x1 . The following were the transactions for the year ended December 31, 20x1. 1. The owner invested P200000 cash to the business. The business obtained a 12%, one year, bank loan of P300000 on October 1, 20x1. Principal and interest are due at maturity date. 3. Purchased equipment on November 1. 20x1 for P360000 cash. 4. Purchased office supplies worth P30,000 for cash (Entity A uses Asset metho 5. Rendered services worth P180.000 cash. 6. Rendered services worth P420000 on account. If 8 9 1 l\"3 . Collected P3?0,000 accounts receivable. . Paid utilities expense of P16,000. . Paid salaries expense P140000. 0. The owner withdrew P100,000 cash from the business. Additional information: - The equipment has a useful life of 5 years. a 6% of accounts receivable are doubtful of collection. - Unused office supplies on December 31. 20x1 amounted to P5,000. Requirements: Provide the journal entries. Post the entries to the ledger. Prepare the unadjusted trial balance. Prepare the adjusting entries. Complete the worksheet up to post-closing trial balance. Prepare the closing entries. Prepare the balance sheet and income statement. sump-99's\" -End' BB Cl (2; \"El :8- Tools Mobile View Share Edit on PC School Tools