Mr. Nikola Tesla launched Tesla Supermart on December 1, 20x1 with a cash investment of P150,000. 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 P12,600 on credit. Used asset method to record the transaction. Purchased a 100,000 service truck. A cash payment of $25,000 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 $45,000, 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 P20,500 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 $15,000 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. 31 Paid Salaries 11,300, net of the following deductions: SSS, P380; Pag-IBIG, P100; Philhealth P220 The Merchandise Inventory at the end of the of the month is P60,225. dditional 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.