The following transactions were completed during June of this year: 1 Danilo Cabulay deposited P832,000 in a bank account for the purpose of buying Metro Sails, a business offering the use of small sailboats to the public at a large indoor pool with a fan system that provides wind. 2 Bought Metro Sails for a total price of P2,133,000. The assets include sailboats, P208,000; fan system, P85,0003; pool structure, P1,440,000; land, P400,000. Paid P644,000 down, and signed a mortgage note for the balance. 3 Received and paid bill for newspaper advertising, P14,800. 3 Received and paid bill for property insurance for the year, P10,800. 3 Bought additional boats from TY Manufacturing Co. for P65,200, paying P32,000 down, with the remainder due in thirty days. 3 Signed a contract with a vending machine service to lease them space for their vending machines. The rental income agreed upon is 10% of the sales generated from their machines, with the estimated total rental income payable in advance. Received estimated cash payment for June, P3,500. 3 Received bill from Quick Printing for promotional handouts, P3,680. 3 Signed a contract for leasing sailboats from Eulogio Boat Co. and paid rental fee for June, P6,320. 5 Paid cash for miscellaneous expenses, P924.40. 8 Received P26,325 cash as rent for the use of the boats. 9 Bought additional fans on account from Pabustan Pool Supply, P8,360. 15 Paid salaries to employees for the period ending June 15, P42,000. 16 Paid the bill for promotional handouts already recorded on June 3. 16 Cabulay withdrew cash for personal use, P10,520. 16 Bought additional sails from Narvaez Products, Inc., P8,540; payment due in thirty days. 16 Received P30,430 cash for the use of the boats. 19 Paid cash for miscellancous expenses, P426.40. 20 Paid cash to TY Manufacturing Co. as partial payment on account, P4,800. 22 Received P50,820 cash for boat rentals. 23 Received a reduction in the outstanding bill from TY Manufacturing Co. for a boat received in a damaged condition, P4,520. 24 Received and paid telephone bill, P840. 29 Paid salaries for period ending June 29, P46,520. 30 Paid cash to Pabustan Pool Supply to apply on account, P4,180. 30 Received and paid electric bill, P14,200. 30 Made an installment payment on the mortgage, P18,800. Of this amount, P6,800 represents a reduction in the principal, and the remainder is interest. 30 Received and paid water bill, P4,320. 30 Bought additional boats from Santos and Sons for P48,520, paying P4,520 down, with the remainder due in thirty days. 30 Cabulay withdrew cash for personal use, P11,560. 30 Received P46,320 in cash for boat rentals. 30 Sales from vending machines for the month umounted to P53,200. June