On Apr. 5, 2005, Ernesto Parducho established an interior decorating business, NeoTechno Designs. During the remainder of the month, John completed the following transactions related to the business:
Apr. 5 Parducho transferred cash from a personal bank account to an account to be used for the business, P720,000.
6 Paid rent for period of Apr. 6 to end of month, P24,000.
7 Purchased office equipment on account, \( \mathrm{P} 210,000 \).
8 Purchased a service vehicle for \( \mathrm{P} 630,000 \), paying P350,000 cash and giving a note payable for the remainder.
10 Purchased supplies for cash, P6,575.
12 Received cash for decorating jobs completed, P146,000.
20 Paid annual premiums on property and casualty insurance, P18,000.
23 Recorded jobs completed on account and sent invoices to customers, P123,750.
24 Received an invoice for vehicle expenses, to be paid in July, P22,500.
29 Paid utilities expense, P7,500.
29 Paid miscellaneous expenses, \( \mathrm{P} 2,100 \).
30 Received cash from customers on account, \( \mathrm{P} 44,000 \).
30 Paid salaries of employees, P30,000.
30 Paid creditor a portion of the amount owed for equipment purchased on April 7, P36,000.
30 Withdrew cash for personal use, P140,000.
Required:
1. Prepare the journal entries. Use the following account titles:
\begin{tabular}{ll}
Cash & Parducho, Capital \\
Accounts Receivable & Parducho, Drawing \\
Supplies & Fees Earned \\
Prepaid Insurance & Wages Expense \\
Equipment & Rent Expense \\
Service Vehicle & Utilities Expense \\
Notes Payable & Service Vehicle Expense \\
Accounts Payable & Miscellaneous Expense
\end{tabular}
