DIRECTION: Do the Chart of Account

Masahe Day & Night Services started their business on June 1, 20xx with P150,000 investment of the owner, Mr. Reyes. June 02 Bought new equipment P 120,000.00 on account from Mabuhay Enterprises. 05 Bought massage supplies P 8,050.00 cash. Render services to Japanese Inc. worth P 50,000.00 - terms 50% down payment; balance on account. 07 Paid insurance premium three months advance P 3,090.00 1 1 Render services for P 50,000.00 to Manila Hotel and P 30,000.00 to Manila Manor both evidenced by a 30 days non-interest bearing promissory note. 20 Paid rent for four months P 12,000.00 charging 1 month to rent expense, the rest as advance payment. 22 Received P 25,500.00 as down payment for services to be rendered starting July 05. 23 Owner withdrew P 30,000.00 for personal use. 25 Paid employees' salaries for the month P 20,500.50 net of SSS, Philhealth, and Pag-ibig Premiums worth P 1,250.50 28 Paid 30%% of account from Mabuhay Enterprises. 30 Paid utilities for the month - Meralco P 6,910.00 and Metro Water P 4,076.27 Additional Info: Realized bad debts 2% of accounts receivable balance Realized depreciation of equipment P 2,500.00 Accounted for P 5,020.00 worth of massage supplies Recognized SSS, Philhealth, and Pag-ibig Expense worth P 1,850.00 July 01 Collected from Manila Hotel Purchased the following items furniture and fixtures P8,500.00 cash; and massage equipment for P20,000.00 issuing a 30days 2% interest bearing note 05 Remitted SSS, Philhealth, and Pag-ibig contributions Rendered the services in relation to June 22 transaction 07 Mr. Reyes withdrew P20,000.00, his part in the income of the business 11 Purchased massage supplies for P10,520.00 issuing a 60days 3% interest bearing note 20 Rendered services for P5,000.00 cash Received P50,000.00 cash for services to be rendered to Resorts World 21 Equipment malfunctioned and have it repaired for P25,000.00 on account Paid 50% of the account balance to Mabuhay Enterprises 23 Received full payment of Japanese Inc. Rendered services to Leon Enterprises P20,000.00 on account 25 Paid salary of employees for the month P21,330.30 gross of SSS, Philhealth, and Pag-ibig Premiums worth P1,350.70 30 Paid the following: utilities - P5,800.50; transportation expenses - P1,500.00; representation expenses - P2,000.00; and maintenance expense - P10,000.00 31 Additional info: a. Allowance for bad debts is 5% of accounts receivable balance b. Realized depreciation expense of equipment P2,800.00 c. Realized depreciation expense of furniture and fixtures P800.00 d. Accounted for P 8,220.00 worth of massage supplies in inventory e. Recognized SSS, Philhealth, and Pag-ibig Expense worth P 2,050.00 1