Assignment \# 2 INSTRUCTIONS: Make the journal entries for the following transactions, Mr. Seokjin Kim, CPA opened a current account with Development Bank of the Philippines and deposited $\mathbf{P} 150,000$ to start with his public practice. Transactions: Dec 3 Deposited P150,000 to the bank and invested office table and computer worth P80,000 in the business. 4 Bought various office stationeries and supplies on account, P15,000. 5 Received cash of P15,000 for installation and design of accounting system. 7 Paid P6,000 convention registration fee for Philippine Institute of Certified Public Accountants 9 Paid P2,500 for transportation expense in visiting a client in Davao City. 10 Rendered professional service on account, $\mathbf{P} 10,000$ 12 Received cash, P6,000 from Cebu Golden Plaza but professional service has yet to be rendered. 13 Salary advance given to his staff to be deducted against payroli, P5,000 13 Paid taxes and business permits for cash, P4,500 14 Paid P1,500 for telephone bills 16 Collected in full the account of a client on December 10. 17 Partial payment of account on December 4, P3,000. 18 Bought steel cabinets on account from Sungold, Inc. P25,000. 19 Received electric and water bill for $\mathrm{P} 3,500$ and immediately made payment. 21 Mr. Kim made a withdrawal from his bank account of P25,000 for his personal use. 22 Paid transportation expense in visiting a client in Zamboanga City, P3,000 23 Paid office rental of P5,000 24 Sent a brochure to a client in Davao City through Aboitiz 2-Go, P2.500 25 Rendered a professional service for cash to various clients, P45,000 26 Partial payment of account with Sungold, Inc., P10,000 27 Received a loan from Cebu Accountant's Multi-Purpose Cooperative, P47,000, net of interest payable six months after. 29 Received cash P15,000 as retainer's fee from various clients. 30 Paid salaries to his staff, P18,000 net of deduction for salary advance of December 13. 30 Full payment of account with Sungold, Inc. 30 Rendered professional service to Cebu Golden Plaza, paying out the advanced payment received on December 12. 30 Full payment of December 4 account. 30 Billed a client for professional services rendere, P35,000 30 Plane ticket to aval of promotional fare re-travel to Manila to attend PICPA Convention, P6,200. 30 Send PICPA Bulletin through LBC Air Cargo, P1,200. 30 Received cash from a client for professional services rendered $\mathbf{P B}, 000$ 30 Taxi fares claimed by staff while out in office for official business, P850

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