Required: Prepare a journal entry, ledger and balance sheet.

On Dec. 1, 2018, Lovell Abello ventured into a billiards recreation business, Balls and Sticks. During the month, the following transactions occurred: Dec. 1 Abello began the business by depositing P200,000 cash in a bank account in the name of the business. 3 Purchased an existing billiard hall at a price of P210,000 for the land and P300,000 for the building. Abello paid the former owner P100,000 in cash and issued a short-term notes payable for the balance of the purchase price. 10 Bought 10 billiard tables for P10,000 each, paying P60,000 cash and agreeing to pay the balance in 30 days. 14 Sold a billiard table to the owner for P10,000. The entity was paid PS,000 cash and the balance within 30 days. 20 Paid P20,000 of the amount owed on the billiard tables. 24 Collected P2,000 on the billiard table sold. 30 Purchased one used billiard table from another billiard hall, paying P6,000 cash