Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable: Brenda Wells, Capital, Brenda Wells, Drawing: Professional Fees; and Operating Expenses

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable: Brenda Wells, Capital, Brenda Wells, Drawing: Professional Fees; and Operating Expenses. a. In the T accounts, record the following transactions of Wells Consultant Services for May, 2007, identifying each entry by number: (1) Wells invested P12,000 cash in the business. (2) Purchased supplies on account, P5,750. (3) Paid operating expenses, P5,000. (4) Billed clients for fees, P6,940. (5) Received cash from cash clients, P4,200. (6) Paid creditors on account, P1,000. (7) Received P2,600 from clients on account. (8) Withdrew P1,000 cash for personal use. b. Prepare a trial balance as of May 31, 2007 for Wells Consultant Services. c. Assuming that supplies expense (which has not been recorded) amounts to P1,000 for May, determine the following: (9) Net income for the month. (10) Owner's equity as of May 31. 6. Prepare a trial balance, listing the following accounts in proper sequence. The accounts (all normal balances) were taken from the ledger of Jilson Consultants on June 30, 2008. P10,500 Accounts Payable Accounts Receivable Cash Judy Jilson, Capital Judy Jilson, Drawing Equipment Miscellaneous Expense P 2,100 1,450 5,375 15,800 13,500 13,500 250 Rent Expense Salary Expense Fees Earned Supplies Supplies Expense Utilities Expense 13,000 46,600 1,125 1,400 4,400 ippines)