I. Prepare journal entries using a two - column journal for the following financial transactions. Provide a brief explanation of the transaction. Use the account titles per the provided T - account. Ms. Maria Maganda opened a SPA business with a trade name SPA ni Maria. The following financial transactions and other arrangements took place from May 01 to July 31, 2018: May 01 The owner invested P435,000 cash, and SPA equipment worth P86,000 in the business. June 03 The business paid the space rental amounting to P15,000. June 04 The owner purchased SPA supplies amounting to P8,000 at 30 - day credit term. June 06 The owner received the loan of P150,000 from Small Business Organization. The loan will be paid over the period of 5 years. June 15 Hired 4 employees with a monthly salary of P12,000 each. June 30 Paid 50% of the supplies purchased on June 04. July 08 The business started its SPA operations. The first day revenue from services consists of P9,700 cash and P7,000 on credit July 15 Paid the services of employees amounting to P14,000. July 17 The business paid Small Business C Organization the monthly amortization of the loan amounting to P4,500 - July 18 The business paid Velmaris High School for the tuition fee of the owner's child amounting to P16,800 July 25 The business paid property insurance for two years amounting to P3,500. July 27 The business collected P5,000 from customers. July 29 Paid the payroll of employees amounting to P21,600, and utilities of P4,000. July 30 The business provided services to customers amounting to P49,200 in cash and P13,000 on account July 31 The business bought furniture amounting to P80,000 with the following terms: Cash payment is 70% and remaining balance after 30 days. 1. Post the above journal entries in the provided T - Account. Ill. Prepare the Trial Balance, Income Statement and Statement of Financial Position. Use yellow pad