MAKE A JOURNAL ENTRY Mr. Nikola Tesla launched Tesla Supermart on December 1, 20x1 with a cash investment ofP150,000. The following are additional transactions for the month:2 Equipment valued at $20,000 was given by Mr. Tesla to his business.3 Purchased supplies for $12,600 on credit. Used asset method to record the transaction.4Purchased a 100,000 service truck. A cash payment of $25,000 was provided, and theremaining was given as a promissory note, payable in six equal monthly installments.6 Purchased goods from Einstein Enterprises 50,000, Term, 3/15, n/30.8 For the December 6 transaction, a delivery fee of $1,500 was paid.10Sold and delivered merchandise on account P45,000, Term, 2/10, n/30. Cost of Merchandise,$30,000.10 Paid P900 freight for December 10 transaction.13 Returned $7,500 worth of damaged goods to Einstein Enterprises.15 Paid salaries to employees, totaling $15,00016 Signed a promissory note for $30,000 for long term loan obtained from Newton Bank.17Received $4,500 worth of returned goods from customers on December 10. Cost ofmerchandise returned, P3,000.18 Paid $7,600 of the amount owed from the purchase on December 3.19 Purchase additional goods from Galileo Supermarket amounting to $90,000.20 Received full customer settlement for the sale made on December 10.21 Account paid in full to Einstein Enterprises.22 Goods costing $20,500 was sold for $30,750.26Cash received in the amount of $7,500 and a promissory note in the amount of $30,000 forgoods sold to a key customer. The cost of the merchandise is $25,000.27 Mr. Tesla took a cash withdrawal of P15,000 from the business.29 Paid P2,500 in telephone expenses.30 Paid building rentals for the month, $7,500.30 Paid the first installment of the note payable on Service Truck.31Paid Salaries $11,300, net of the following deductions: SSS, P380; Pag-IBIG, P100; Philhealth,P220The Merchandise Inventory at the end of the of the month is P60,225.Additional information for year-end adjustments.ØThe useful life of the equipment is 5 years with salvage value of $2,000ØThe useful life of the service vehicle is 10 years with salvage value of $10,000ØRemaining unused supplies worth $9,100.

Name: MAKE A JOURNAL ENTRY Mr. Nikola Tesla launched Tesla Supermart on Dece
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Description: MAKE A JOURNAL ENTRY Mr. Nikola Tesla launched Tesla Supermart on December 1, 20x1 with a cash investment ofP150,000. The following are additional transactions for the month:2 Equipment valued at $20,000 was given by Mr. Tesla to his business.3 Purch

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Mr. Nikola Tesla launched Tesla Supermart on December 1, 20x1 with a cash investment of $150,000. The following are additional transactions for the month: 2 Equipment valued at $20,000 was given by Mr. Tesla to his business. 3 Purchased supplies for $12,600 on credit. Used asset method to record the transaction. 4 Purchased a 100,000 service truck. A cash payment of P25,000 was provided, and the remaining was given as a promissory note, payable in six equal monthly installments. 6 Purchased goods from Einstein Enterprises $50,000, Term, 3/15, n/30. 8 For the December 6 transaction, a delivery fee of $1,500 was paid. 10 Sold and delivered merchandise on account P45,000, Term, 2/10, n/30. Cost of Merchandise P30,000. 10 Paid P900 freight for December 10 transaction. 13 Returned $7,500 worth of damaged goods to Einstein Enterprises. 15 Paid salaries to employees, totaling $15,000 16 Signed a promissory note for $30,000 for long term loan obtained from Newton Bank. 17 Received $4,500 worth of returned goods from customers on December 10. Cost of merchandise returned, $3,000. 18 Paid P7,600 of the amount owed from the purchase on December 3. 19 Purchase additional goods from Galileo Supermarket amounting to $90,000. 20 Received full customer settlement for the sale made on December 10. 21 Account paid in full to Einstein Enterprises. 22 Goods costing $20,500 was sold for P30,750. 26 Cash received in the amount of $7,500 and a promissory note in the amount of $30,000 for goods sold to a key customer. The cost of the merchandise is $25,000. 27 Mr. Tesla took a cash withdrawal of P15,000 from the business. 29 Paid P2,500 in telephone expenses. 30 Paid building rentals for the month, $7,500. 30 Paid the first installment of the note payable on Service Truck. Paid Salaries #11,300, net of the following deductions: SSS, P380; Pag-IBIG, P100; Philhealth 31 P220 he Merchandise Inventory at the end of the of the month is P60,225. ditional information for year-end adjustments. ØThe useful life of the equipment is 5 years with salvage value of $2,000 ØThe useful life of the service vehicle is 10 years with salvage value of $10,000 ØRemaining unused supplies worth $9,100.