Jerome Garcia started a new business and completed these transactions during August: 1 Garcia invested P48,000 cash in the business.

1 Rented office space and paid P800 cash for the August rent.

3 Purchased exploration equipment for P22,000 by paying P12,000 cash and agreeing to pay the balance in 3 months.

5 Purchased office supplies by paying P1,500 cash.

15 Completed exploration work and immediately collected P420 cash for the work

8 Purchased P1,350 of office equipment on credit.

15 Completed exploration work on credit in the amount of P8,000.

18 Purchased P700 of office supplies on credit.

20 Paid cash for the office equipment purchased on August 8.

24 Billed a client P2,400 for work completed; the balance is due in 30 days.

28 Received P5,000 cash for the work completed on August 15.

30 Paid the assistant’s salary of P1,100 cash for this month.

30 Paid P340 cash for this month’s utility bill.

30 Garcia withdrew P1,050 cash from the business for personal use.

Required

1. Arrange the following asset, liabilility , and equility titles in a table: Cash: Accounts Receivable: Office Supplies: Exploration Equipment: Accounts Payable: Jerome Garcia: Capital: Jerome Garcia: Withdrawals: Revenues: and Expenses.

2. Use additions and subtractions to show the effects of each transaction on the accounts in the accounting equation. Show new balances after each transaction.