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232 PROBLEMS PROBLEM 1: POSTING A business had the following transactions during the peric 2. The business renders services worth P200,000, on 3. The business bills clients for services rendered worth 3 isiness owner provides P600,000 capital The business pays salaries expense of P180,000, 5. 4. The business collects P100,000 accounts receivable. Requirements a. Provide the journal entries b. Post the entries to the ledger (use T-accounts). 1) How much is the total service fees earned during th 2) How much is the total colections from clients during the the questions tota sevice fees earned during the period? period? 3) How much is the total disbursements during the 4) How much cash does the business have at the end of the period? period? 5) How much is the outstanding receivable from clients at the end of the period? PROBLEM 2: POSTING Entity A had the following transactions during the period: 1. Owner contributed P1,000,000 to the business. 2. Purchased office supplies worth P300,000 on account (use 1 prepaid account). 3. Rendered services worth 9500,000, on cash basis. 4. Rendered services worth P800,000, on account. 5. Paid P100,000 accounts payable. 6. Collected P700,000 accounts receivable 7. Purchased equipment worth P58,000. 8. Drawings of owner amounted to P10,000