ACCOUNTING CYCLE. Based on the given transactions and chart of accounts below, prepare the following: 1....

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ACCOUNTING CYCLE. Based on the given transactions and chart of accounts below, prepare the following: 1. Journal Entries 2. Ledger 3. Trial Balance 4. Financial Statements a) Income Statement b) Statement of Changes in Equity c) Statement of Financial Position Transactions: a) April 1-Mr. Song invested P100,000 cash and P 250,000 worth of machine in his business named Song Auto Shop b) April 5-Bought supplies P40,000 on credit to Kim Store c) April 7-Received advanced payment from the customers, P30,000 d) April 11-Paid salaries expense for her two assistants amounting to P12,500. e) April 17-Paid the P25,000 for the account to Kim Store. f) April 23-Performed services for the cash payment received last April 7, P10,500. g) April 25-Performed three auto repair services on account, P10,000 each. h) April 27-Received and paid the bill for utilities, P4,500. i) April 29 - Collected 50% of the receivables from clients on account i) April 30 - Withdrew P4,000 for personal use. k) April 30-Paid the following expenses: Advertising P1,000; Transportation P1,500; Miscellaneous P2,000 1) April 30-Supplies at e.o.m. is P39,000. Use the following account titles and account numbers: 101 Cash 302 Song, Withdrawal 102 Accounts Receivable 401 Service Revenue 103 Supplies 501 Salaries Expense 104 Machine 502 Utilities Expense 201 Accounts Payable 503 Advertising Expense 202 Unearned Revenue 504 Transportation Expense 301 Song, Capital 505 Miscellaneous Expense 506 Supplies Expense ACCOUNTING CYCLE. Based on the given transactions and chart of accounts below, prepare the following: 1. Journal Entries 2. Ledger 3. Trial Balance 4. Financial Statements a) Income Statement b) Statement of Changes in Equity c) Statement of Financial Position Transactions: a) April 1-Mr. Song invested P100,000 cash and P 250,000 worth of machine in his business named Song Auto Shop b) April 5-Bought supplies P40,000 on credit to Kim Store c) April 7-Received advanced payment from the customers, P30,000 d) April 11-Paid salaries expense for her two assistants amounting to P12,500. e) April 17-Paid the P25,000 for the account to Kim Store. f) April 23-Performed services for the cash payment received last April 7, P10,500. g) April 25-Performed three auto repair services on account, P10,000 each. h) April 27-Received and paid the bill for utilities, P4,500. i) April 29 - Collected 50% of the receivables from clients on account i) April 30 - Withdrew P4,000 for personal use. k) April 30-Paid the following expenses: Advertising P1,000; Transportation P1,500; Miscellaneous P2,000 1) April 30-Supplies at e.o.m. is P39,000. Use the following account titles and account numbers: 101 Cash 302 Song, Withdrawal 102 Accounts Receivable 401 Service Revenue 103 Supplies 501 Salaries Expense 104 Machine 502 Utilities Expense 201 Accounts Payable 503 Advertising Expense 202 Unearned Revenue 504 Transportation Expense 301 Song, Capital 505 Miscellaneous Expense 506 Supplies Expense