Part IV$.$ Double$-$entry accounting is useful in analyzing and

processing transactions. Analysis of each transaction follows

four steps: $($a$)$ identify, $($b$)$ analyze, $($c$)$ record, $($d$)$ post. Provide

the last three steps with the identified transactions:

Blitz IT Services receives P $4,000,000$ cash from Barry Allen

as an owner contribution

Blitz purchased land valued at $P2,500,000$ in which they

settled half of the amount through cash and have of the

amount through credit.

Blitz pays $P1,500,000$ cash in purchasing equipment.

Blitz provided services to a BPO company and immediately

collects $P400,000$ cash.

s$.$ Blitz received $600,000$ cash as an advance payment for

services offered to Flash, another BPO company and its long$-$

time partner, which will be provided in the future.

Part V$.$

a$.$ Trial Balance: Prepare a trial balance of Ember Construction

Co$.$ using the condensed data from its fiscal year$-$ended

December $31,2024$:

$.$ Recording Closing Entries: based on the trial balance

prepared by the data above, create its corresponding closing

entries.