Arnina established a service business to be known as Arnina Photography on

July 1, 2015. During the first month, the following transactions occurred:
1. July 1: Arnina transferred cash of ₱300,000.00 from her personal bank account to an account to
be used for her business. She also invested the following: digital camera, ₱45,000; manual
camera, ₱25,000; desktop computer, ₱28,000; photo paper and ink, ₱14,000; and her personal
debts evidenced by a note which would be assumed by the business, ₱12,000.
2. July 4: Paid six-month advance rent to Cyrene Commercial Complex, ₱30,000.
3. July 6: Received a statement of account from Brian News for advertising this month, ₱5,500.
4. July 8: Bought photo enhancing and editing equipment from Mirzi Outlet for ₱40,000. Arnina paid
30% down payment and the balance on account.
5. July 12: Hired office assistant with a monthly salary of ₱6,000. The office assistant officially stated
on July 16,2014.
6. July 13: Photography Services rendered totaled ₱180,000.

Terms: 25% cash and the balance settled on accounts.

7. July 14: Purchased office sofa set from Renzo Design for ₱30,000 on account.
8. July 15: Paid various operating expenses during the month: Meeting potential clients, ₱4,000;
Electricity, ₱23,000; Telephone expense, ₱6,000; and Repairs expense, ₱2,500.
9. July 18: Photography services rendered totaled ₱180,000, of which 25% was settled with an
interest-bearing note and the balance on account.
10. July 20: Received photography advances from a couple for a prenuptial coverage to be rendered
next month, ₱60,000.
11. July 22: Collected 90% of the outstanding receivable from July 13 transaction.
12. July 24: Paid in full the statement of account received last July 6.
13. July 26: Paid 80% of the outstanding obligation to Mirzi Outlet and for the remaining balance, she
issued an interest-bearing note.
14. July 28: Paid half of the outstanding obligation to Renzo Designs.
15. July 31: Paid salary of the office assistant for 16 days, ₱3,097.