7. The following are the transactions of PTL on its second month of operation. Copy the balances from the July statement of financial position, analyze and record the following transactions and prepare the financial statements: 1 Paid for the rent bill. 2 The owner sold his farm for P1,200,000 and reported a gain of P300,000. 3 The owner bought a second hand bus from Nissan Motors out of the proceeds from the sale of his personal properties. 4 Paid for taxes and licenses, P12,500. 8 Hired a driver and a conductor for the new bus unit. 10 Total revenues collected from: passengers P450,000 and cargoes P75,000. 12 Paid for repair and maintenance P85,000. 14 Installed air-condition units in the office and buses, P150,000. Brown was attracted by Sanden's term of credit which is payable within a grace period of three months with no extra charge. 15 Paid for the half-month salaries of the employees, P175,000. 18 Holy Angel University paid its account in full. 22 Total revenues collected: passenger fares P175,000 and cargo fares P72,000. 25 Two buses were hired by Assumption University for their field trip. The firm billed the school P90,000 of which 50% was collected, the balance after 15 days. 29 Paid for repairs and maintenance P72,500. Paid for rental and salaries. Paid Petron, P134,525. 30 Summary of collections: passenger fares P165,000 and cargo fares P56,550