Bala Consultancy Services Trial Balance December 31, 2019 Debit Credit Cash 75,000

Bala Consultancy Services Trial Balance December 31, 2019 Debit Credit Cash 75,000.00 Office Supplies 8,000.00 Prepaid Insurance 12,000.00 Office Equipment 150,000.00 Computer Equipment 60,000.00 Notes Payable 50,000.00 Accounts Payable 5,000.00 Bala, Capital 114,000.00 Bala, Drawing 35,000.00 Consulting Revenues 390,000.00 Rent Expense 50,000.00 Salaries Expense 120,000.00 Telephone Expense 10,000.00 Utilities Expense 39,000.00 Office supplies on hand at year end amounted to P3,000.00 On Jan. 1 ot current year, Bala purchased office equipment which cost P150,000.00 with an expected life of 5 years and no salvage value Computer equipment costing P60,000.00 with an expected life of threes years and no salvage value was purchased on July 1 of the cureent year a premuim of P12,000.00 of one year insurance policy was paid on Dec. 1 salaries earned by staff, which have not yet beenpaid, amounted to P3,000.00