On March 1 of the current year. E. Estrada opened a T.V.

repair shop by investing P500,000 cash in the

business. He had completed the ff. transactions in the said month.

March 2 Paid the rent on the shop space for the month. P 4,500

5 Purchased shop supplies for cash. P16,700

7 Paid P6,500 for newspaper advertising.

8 Purchased a filing cabinet form T. Agbayani Trading on credit P34,500.

9 Purchased a truck. P150,000 in credit. Gave P30,000 cash and a note for the balance

13 Completed repair works to various customers and received P25,000 in full payment
therefore.

15 Completed repair works for A. Tantay P1,500. Accepted P500 cash and a promissory note for
the balance.

19 Paid T. Agbayani Trading.

25 Received payment from A. Tantay.

26 Paid utility bills, P750.

27 Withdrew P5,000 cash for personal living expense

30 Paid helper’s salaries. P5,000

ASSET OWNER’S EQUITY

11 Cash 31 E. Estrada, Capital

12 Sales Receivable 32 E. Estrada, Drawing

13 Supplies

14 Furniture and Fixture INCOME

15 Truck 41 Service Income

LIABILITIES

21 Accounts Payable

22 Notes Payable 60 Income Summary

EXPENSES

51 Rent Expense

52 Advertising Expense

53 Utilities Expense

54 Salaries Expense