Practice Set #7 (4-59)Journalizing, Posting, and Preparing a Trial BalanceClaro Ventic operates the Ventic Nursery School. It provides day-care, school bus service and learningprograms to pre-school children. On Jan. 31, 2012, the company’s trial balance is as follows:Ventic Nursery SchoolTrial BalanceJan. 31, 2012Cash (110)Accounts Receivable(120)Equipment (140)Service Vehicles (150)Notes Payable (210)Accounts Payable (220)Ventic, Capital (310)P 187,000170,000 104,0001,740,000P 1,500,000164,000__________537,000P 2,201,000P 2,201,000During the month of February, the company completed the following transactions:Feb.2 Paid this month’s rent, P 27, 000.3Received fees for this month’s services, P 65, 000.4Purchased supplies on account, P 8, 500.5Paid for oil change on a service vehicle, P 4, 000.6Ordered playground equipment, P 100, 000.8Made payments on account, P 17, 000.9Collected from costumers on account, P 120, 000.10Billed customers who had not yet paid for this month’s services, P 70, 000.11Paid for the supplies purchased on February 4.13Received and paid for the playground equipment ordered on February 6, P 100,000.17Purchased equipment on account, P 29, 000.19Paid this month’s utility bill, P 14, 500.22Received cash for one month’s services from customers previously billedP 50,000. 26Paid salaries of staff, P 46, 000.27Received statement of account for gas and oil used by the service vehicles during themonth, P 32, 500.28Made cash withdrawal of P 11, 000.Required:1.